Headline

Galadima Reacts As AMCON Takes Over His Abuja Residence, Company

Published

5 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

Tinubu Presents N47.9trn 2025 Appropriation Bill to NASS

Published

2 days ago

December 18, 2024

Eric

President Bola Tinubu, on Wednesday, presented the proposed 2025 federal budget to a joint session of the National Assembly.

The N47.9 trillion budget saw a whopping N3.5 trillion allocated to the education sector.

Other sectors that got higher allocations include defence and security – N4.91tn, infrastructure – N4.06tn and health – N2.4tn.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Restoration Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute presentation at 1:10pm.

This budget highlights the government’s focus on improving education, healthcare, and infrastructure, in line with its ‘Renewed Hope Agenda’ aimed at boosting the economy and addressing key national priorities.

The live broadcast of the budget presentation today revealed the government’s plans for the next fiscal year. With a strong emphasis on human capital development, the president highlighted the budget’s commitment to improving the nation’s economic foundation.

Education sector receives major funding

A significant portion of the 2025 budget is dedicated to education, with N3.5 trillion allocated to the sector. President Tinubu stated that part of this funding would be directed toward infrastructure development, including support for Universal Basic Education (UBEC) and the establishment of nine new higher educational institutions.

“We have made provision for N826.90 billion for infrastructural development in the education sector,” Tinubu said.

This allocation aims to improve educational facilities and support ongoing efforts to strengthen Nigeria’s educational system.

Focus on human capital development

During the presentation, the president emphasized the importance of investing in Nigeria’s human capital. “Human capital development, our people are our greatest resource. That is why we are breaking record investment in education, healthcare, our social services,” he remarked.

Tinubu also pointed to the N34 billion already disbursed through the Nigerian Education Loan Fund (NELFUND) to assist over 300,000 students.

The budget includes continued investments in healthcare and social services as part of the broader goal of enhancing the quality of life for Nigerians.

Strengthening the economy and national security

Tinubu highlighted that the 2025 budget is designed to build a robust economy while addressing critical sectors necessary for growth and security.

“This budget reflects the huge commitment to strengthening the foundation of a robust economy, while addressing the critical sectors essential for the growth and development we envision; and secure our nation,” he said.

The budget aims to tackle key challenges and foster long-term economic stability by prioritizing infrastructure and development in key sectors.

Healthcare and social services allocations

In addition to education, Tinubu focused on the allocation for healthcare and social services. The government plans to increase investments in healthcare infrastructure and services to ensure broader access to essential healthcare for Nigerians.

These investments are part of the administration’s strategy to improve overall living conditions and enhance public health across the country.

President Tinubu’s proposed 2025 budget is said to reflect the administration’s commitment to achieving its development objectives, with a focus on economic growth, human capital development, and infrastructure improvement.

As the National Assembly reviews the budget, the president reiterated his administration’s resolve to address the nation’s most pressing needs.

Source: Nairametrics

Headline

Ghana’s President-elect Mahama Visits Tinubu in Abuja

Published

3 days ago

December 17, 2024

Eric

Ghana’s President-Elect, Dr. John Dramani Mahama, a courtesy visit to President Bola Tinubu at his residence, Presidential Villa, State House on Monday.

Mahama won 56 percent of the votes in this month’s presidential election, compared to the ruling party candidate and Vice President Mahamudu Bawumia, who secured 41 percent.

The landslide comeback for former president Mahama ended eight years in power for the New Patriotic Party (NPP) under President Nana Akufo-Addo, whose last term was marked by Ghana’s worst economic turmoil in years, an IMF bailout and a debt default.

Headline

I Stand by What I Said, Kemi Badenoch Replies VP Shettima

Published

1 week ago

December 12, 2024

Eric

The leader of the United Kingdom’s Conservative Party, Kemi Badenoch, has lashed back at Vice President Kashim Shettima over the latter’s reaction to her comments about Nigeria.

Badenoch was born in the UK in 1980 to Nigerian Yoruba parents.

Badenoch, who attained age 16 in Nigeria before departing the country for the UK where she was elected Conservative Party’s leader, described Nigeria as a nation brimming with thieving politicians and insecurity.

However, Shettima, while speaking at the 10th Annual Migration Dialogue at the Presidential Villa in Abuja on Monday, December 9, 2024, accused Badenoch of “denigrating her country of origin” with her remarks.

The vice-president listed influential people whose families had migrated to other countries, commending former UK Prime Minister Rishi Sunak as a “brilliant young man who never denigrated his nation of ancestry.”

Reacting on Wednesday, Badenoch lashed back at Shettima, saying she doesn’t do “PR for Nigeria”.

Her spokesperson, as the Tory leader, according to UK Express, said: “Kemi is not interested in doing Nigeria’s PR; she is the Leader of the Opposition in the UK.

“She tells the truth; she tells it like it is; she isn’t going to couch her words. She stands by what she said.”