Headline

Galadima Reacts As AMCON Takes Over His Abuja Residence, Company

Published

6 years ago

February 26, 2020

Eric

The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the business premises and assets of Bedko Nigeria Limited belonging to Buba Galadima, a strong critic of President Muhammadu Buhari.

Mr Galadima, a former political ally of the president, has for years been one of the most vociferous critics of the administration.

A one-time Director-General of the Nigeria Maritime Agency (NMA) (1996 – 1998), Mr Galadima was appointed the National Secretary of the Congress for Progressive Change (CPC) formed in the run-up to the 2011 national elections.

He was one of the nine signatories that signed the merger agreement between some political parties that came together to form the ruling All Progressive Congress (APC), which President Buhari used as a platform for his election in 2015.

The political parties in the merger deal were the All Progressives Grand Alliance (APGA); Congress for Progressive Change (CPC); All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (ACN).

However, since the president’s election, his relationship with Mr Galadima appeared to have gone sour, with the latter emerging as the leading opposition voice against the administration’s policies and programmes.

On Tuesday, AMCON in a statement in Abuja said the Federal High Court in Abuja issued an order for it to take over Mr Gladima’s properties, including his private residence and company, over alleged N900 million indebtedness.

The order followed a ruling in suit No. FHC/ABJ/CS/1136/2019 against Bedko Nigeria Limited and Mr Galadima, AMCON said.

The spokesperson of AMCON, Jude Nwauzor, said the loan was sourced from Unity Bank Plc in 2011 during the first phase of Eligible Bank Assets acquisition.

“Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably. But the obligor, and his company, Bedko Nigeria Limited, have remained recalcitrant and unwilling to repay the huge debt to the Corporation,” Mr Nwauzor said.

PREMIUM TIMES is yet to see a copy of the order, which AMCON said was granted by Justice A.I. Chikere, empowering it to take over some properties belonging to the politician.

AMCON listed the properties to include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and House No. 4, Bangui Street, Wuse 2 also in the high-brow area of Abuja.

AMCON said the enforcement of the order on the properties of Bedko Nigeria Limited and Mr Galadima is one of the many it would be undertaking this year since receiving additional powers from the president late last year.

An Inter-agency Committee on the recovery of AMCON debts was constituted by the President Buhari last year following the signing into law of the 2019 Amended AMCON Act.

The amendment gave AMCON additional powers to go after all obligors of the corporation no matter how highly placed in society.

Mr Nwauzor said AMCON would take all necessary actions, including asset take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the court judgment and relevant sections of the AMCON Act as amended.

Meanwhile, Mr Galadima has denied knowledge of the allegations of indebtedness against him and his company.

Meanwhile, Mr Galadima has said he and his company are not indebted to AMCON.

“I went to a bank in 2003 to sign for a loan. A letter of credit was opened for me to import fertilizer at that time. But the goods never came. The head office of the bank in America refused to honour the invitation because the Bank in question was under investigation by the FBI (Federal Bureau of Intelligence). I didn’t take one kobo from them. They didn’t even credit my own account,” he said.

Mr Galadima said the collateral was agreed to take effect two or three years after importation of the fertilizer began.

However, he said when AMCON took him to a high court over the money, he protested that he was not satisfied with the judgment and appealed.

He said he won the appeal and the court freed him.

“All this is an attempt to disgrace and break me down. But I am unbreakable and they can never silence me,” Mr Galadima said, blaming his travails to his political opponents.

“This is injustice and attempt to humiliate me. But, God will not let them. They sacked me and over 50 people that sleep in this apartment. We don’t know where to go. We will remain on the streets. We will remain on the streets until God provides another place for us.

“They will surely pay for disgracing and humiliating me publicly. I am going back to court,” Mr Galadima said.

Premium Times

Headline

Corruption Allegations: NMDPRA Boss Farouk Ahmed Meets Tinubu, Resigns

Published

5 hours ago

December 17, 2025

Eric

The Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has resigned following a meeting with President Bola Tinubu amid corruption allegations.

Tinubu, on Wednesday, summoned Ahmed to the Presidential Villa in Abuja, following allegations of economic sabotage and corruption.

Also caught in the web of resignation was the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, according to a statement on Wednesday by Bayo Onanuga, special adviser to the president on information and strategy.

Tinubu was said to have nominated successors to the senate for approval.

“Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),” the statement reads.

“The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC.

“Both officials were appointed in 2021 by former President Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).

“To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.”

Onanuga said the two nominees are seasoned professionals in the oil and gas industry.

Headline

Alleged Corrupt Practices: Dangote Petitions ICPC Against NMDPRA MD Farouk

Published

1 day ago

December 16, 2025

Eric

Chairman, Dangote Group, Alhaji Aliko Dangote, has formally submitted a petition to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) against the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Ahmed Farouk, over alleged corruption and financial impropriety.

The petition, dated December 16, 2025, was submitted through Dangote’s lawyer, Dr. Ogwu James Onoja, SAN, and received at the office of the ICPC Chairman, Dr. Musa Adamu Aliyu, SAN.

In the petition, Dangote called for the arrest, investigation and prosecution of the NMDPRA boss, alleging that Farouk has been living far above his legitimate means as a public servant.

Dangote specifically accused Ahmed Farouk of allegedly spending over seven million United States dollars on the education of his four children in Switzerland, paid upfront for a six-year period, without any lawful explanation for the source of the funds.

According to the petition, the four children and their respective schools in Switzerland were clearly identified, along with the amounts paid on their behalf, to enable the ICPC verify the allegations.

The industrialist further alleged that Farouk Ahmed had been using his position at the NMDPRA to embezzle and divert public funds for personal gain and private interests, actions which he claimed had recently triggered public protests and widespread criticism of the agency.

Dangote maintained that Ahmed Farouk has spent his adult life working in Nigeria’s public sector, adding that his cumulative earnings over the years could not reasonably account for the alleged seven million dollars reportedly spent on the overseas education of his children.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corruption, for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” the petition stated.

It further noted that under the same section of the ICPC Act, any person found guilty of such offences is liable to imprisonment for a term of five years without an option of fine.

Dangote urged the commission to act decisively, stressing that the ICPC, alongside other anti-graft agencies, is strategically positioned to investigate and prosecute corruption-related offences.

“In view of the foregoing, we call on the Commission under your leadership to investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting,” the petition added.

The Dangote Group Chairman also expressed confidence that the matter, being in the public domain, would not be ignored, urging the ICPC to act in the interest of justice and to protect the image of President Bola Ahmed Tinubu’s administration.

Dangote further pledged his readiness to provide additional evidence to substantiate his allegations of corrupt enrichment, abuse of office and impunity against the NMDPRA Managing Director.

Headline

Tinubu Didn’t Win 2023 Election, Will Lose in 2027 – Abaribe

Published

2 days ago

December 16, 2025

Eric

The lawmaker representing Abia South Senatorial District, Senator Enyinnaya Abaribe, has predicted that it would be impossible for President Bola Tinubu to win second termn in the 2027 presidential election.

Abaribe, who claimed that the President never won the 2023 election, said the level of hardship Nigerians are currently facing has made them more determined to ensure that Tinubu does not return as president after 2027.

Reacting to suggestions that Tinubu has never lost an election, Abaribe, who appeared as a guest on Channels Television’s Politics Today on Monday, said, “I do not think so. Everybody loses elections, and you will see when the time comes. He will lose in 2027 because I know what Nigerians are feeling outside.”

He added: “Tinubu never won the 2023 election, and everybody knows it. But we said fine, he has been declared the winner, no problem. We acknowledge him as president, but we are going to meet him in the field, and I will see how he is going to cobble together what will make him win again.

“It won’t work, because this time everybody will be ready. It will no longer be an announcement at 3am before people wake up in the morning. This time, people are ready; we are ready, and the masses are even more ready.”

The senator, who said the economy has collapsed under Tinubu and that the president has yet to solve the problem of insecurity, wondered where he would get the votes to win in 2027.

On the defection of some opposition leaders to the ruling All Progressives Congress (APC), Abaribe vowed never to join the wave, saying he would be the last person to do so.

He said that rather than strengthening the APC as a party, the defections would deepen internal divisions and fuel leadership tussles.

“If there is anybody who is going to defect to the APC, I think I should be the very, very last one. By the time I defect, it would mean there are no parties left in Nigeria, including the APC,” he said.

“I have a very simple theory about defections. I think it is very good for us in the opposition that these defections are happening. All the APC is doing is absorbing all the problems it is going to face; they are right inside the party now. Ask yourself, in all the states where there are defections, what is going on there now?”

The lawmaker described the APC as a giant with feet of clay, saying the opposition would target its weak points during the election, leading to its collapse.

Abaribe, who reaffirmed his membership of the opposition coalition, said there is a consensus among opposition leaders to unite in order to dislodge the APC from power.

The coalition has adopted the African Democratic Congress (ADC) as the platform for the 2027 elections, but many have claimed the move is a strategy to enthrone Atiku Abubakar and compel all opposition members to support him.

However, Abaribe disagreed, saying the party has yet to release its guidelines and other arrangements ahead of the 2027 elections.