Following the order of Justice A.I. Chikere of the Federal High Court, Abuja Division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the chief promoter of Doggi Group Limited over its N440million indebtedness. Justice Chikere gave the order on June 5, 2020.
In compliance with the enforcement order, AMCON yesterday (Thursday) took possession of the two properties through its Receiver, Mrs. Juliet Benson of Benson Reeds Legal Practitioners, which include properties situated at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.
The case of Doggi Group Limited and its promoter has been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets (EBA) purchase from Union Bank Plc in 2011. Since then, AMCON has offered the obligor an olive branch and explored all avenues to resolve the matter amicably, but the obligor, and his company, Doggi Group Limited have remained recalcitrant and unwilling to repay the huge debt.
Confirming that it has enforced the order of the court, AMCON in a statement yesterday said: “We enforced on the properties today as ordered by Justice Chikere’s court. We are grateful to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals despite the challenges posed by the dreaded Coronavirus (COVID-19) pandemic to institutions including the judiciary.
“Like we have always said in the past, our priority at AMCON has never been to take over anybody’s properties or assets. Our mandate is to recover Nigeria’s money in the hands of these obligors. We have observed over time, however, that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed.
When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court.