Home Breaking News ‘AMCON didn’t take over senator’s assets’

‘AMCON didn’t take over senator’s assets’


By Bisi Oladele, Ibadan


The Managing Director of Abadat Motors Limited, Mr. Henry Okosun, has refuted the claims that the Assets Management Corporation of Nigeria (AMCON) took over the assets of the company’s chairman, Senator Fatai Buhari.

In a statement, Okosun described the claim as an attempt by AMCON to blackmail the senator.

The businessman stressed that the claim would not succeed.

Buhari is representing Oyo North in the National Assembly

Explaining the disputed transaction, Okosun explained that “neither the lawmaker nor Abadat Motors Limited obtained any loan from GTBank. What happened was that Abadat, Peugeot Automobile Nigeria (PAN) and GTBank entered into a tripartite agreement whereby Abadat, as a dealer with PAN, would collect a vehicle on credit while GTBank would guarantee the credit for a month at 18 per cent. This was what we maintained till 2008”.

He added: “In 2009, we discovered that GTBank was clandestinely charging us 30 per cent against the agreed 18 per cent. We requested for our statement, but they refused to give us.”


Okosun also explained that Abadat, through the intervention of AMCON, discovered a lot of alleged foul play through the forensic audit that was carried out.

The company chief added that GTBank was the one owing Abadat, against its claims.

According to him, the matter has been in court since 2013.

Okosun said both AMCON and GTBank were still sending their lawyers for court sittings.

The managing director posited that AMCON and GTBank should have been patient enough to allow the court to determine who will repay debts, instead of claiming that it had taken possession of Senator Buhari’s property in Abuja.

He said the company believed in the Nigerian judicial system as capable of resolving the issue.

The company chief expressed the belief that justice would be served in the matter.

“What AMCON has done was blackmail against the senator. Surely, our legal team shall take this up with them,” Okosun said.”



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