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N400m Debt: AMCON takes over Doggi Group promoter’s assets

19th June 2020

The Asset Management Corporation of Nigeria (AMCON) yesterday took over the assets of Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited, over alleged indebtedness of over N440million, following the order of  Justice A.I. Chikere of the Federal High Court, Abuja division. In compliance to the enforcement order, AMCON took effective possession of the two properties through its Receiver – Mrs. Juliet Benson of Benson Reeds Legal Practitioners, which include properties situate at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja. A statement by AMCON indicated that the legal suit instituted against Doggi Group Limited and its promoter had 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. Confirming the enforcement of the court order, Jude Nwauzor, Head of Corporate Communications Department of AMCON said, “Yes, we enforced on the properties today as ordered Justice Chikere’s court, and 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.”

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