AMCON Seizes Doggi Group Assets, Accuses Government Officials Of Evading Debt Payment

The assets of the chief promoter of Doggi Group Limited, Umaru Baba Abdullahi, has been seized by the Asset Management Corporation of Nigeria (AMCON). The assets were taken over due to debts of over N440 million owned by Abdullahi to Union Bank Plc.

Abdullahi had been offered measures to repay the debt and avenues to resolve the matter amicably, but he was reportedly unwilling to repay the over N440 million debt. This led to AMCON taking over his assets situated at Plot 3810, Cadastral Zone A04, Asokoro District, Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

The seizure was carried out by AMCON's receiver, Juliet Benson. AMCON had been given additional powers to go after debtors' corporation after President Muhammadu Buhari signed the amended AMCON Act in 2019. The takeover of Abdullahi's properties was done after a justice A.I. Chikere, of the Federal High Court in Abuja,  on June 5, 2020, ruled that AMCON can seize the assets. 

“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 way back in 2011,” a statement released by the corporation on Thursday read.

“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, Doggi Group Limited have remained recalcitrant and unwilling to repay the huge debt to the corporation." AMCON said in a statement.

Government Officials, Influential People Evading Debt Payment

According to the statement, AMCON is trying to recover N5 trillion from individuals, but they have been uncooperative, and most of them occupy public offices and are influential persons within the country, it was learnt. AMCON's head of corporate communications, Jude Nwauzor, said AMCON is in the business of recovering debt not seize properties, but obligators hide under some legal technicalities to delay repayment which they approved.

He said such action from the obligators leave AMCON no choice but to go to court, “AMCON is chasing to recover over N5trillion in the hands of a few highly sly and uncooperative individuals. Sadly, a good number of them occupy public offices as well as positions of influence in the country.”

The statement added that “As 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. Over time, however, we have observed 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. In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law-abiding organisation ought to do to help the promoter and his business continue to no avail.”