A prominent politician, Alhaji Buba Galadima, on Tuesday began his defense against a case involving an alleged outstanding N1.3 billion Unity Bank loan given to Bedko Nigeria Limited, a company allegedly linked to him, according to the Asset Management Corporation of Nigeria (AMCON).
Galadima entered the witness box at the Federal High Court, Abuja, presided over by Justice Emeka Nwite, after the AMCON lawyer, Barrister Akpama Ekwe, announced the conclusion of his evidence.
AMCON claims it acquired the toxic debt of Galadima and Bedko Nigeria Limited from Unity Bank Plc and is the assignee of all the rights, title, and interests due and belonging to the bank by virtue of an alleged 100% import finance loan given to Bedko by Tropical Commercial Bank Plc, which, through a merger with other banks, became Unity Bank Plc at the time.
The unpaid loan approval, dated February 16, 2005, according to AMCON, was allegedly for the importation of fertilizer for the government of Kano State.
AMCON Case
In AMCON’s court filings marked FHC/ABJ/CS/1136/19, Bedko, a limited liability company duly registered under the relevant laws of Nigeria, was a customer of the bank, while Galadima was allegedly its controlling shareholder who personally guaranteed the facility provided to the company by the bank.
- AMCON’s claims against the defendants are for the sum of N349,028,518.56 for monies the firm received from Unity Bank Plc under the guise of a fertilizer contract on behalf of the Kano State government at the time.
- The claimant also seeks compound interest from the defendants at the rate of 19% per annum from July 31, 2008, until judgment.
“An order of foreclosure over the properties known as House No. 15 Addis Ababa Crescent, Wuse Zone 4, Abuja, and House No. 4 Bangui Street, Wuse 2, Abuja, belonging to the defendants, in partial satisfaction of the judgment of the court,” AMCON prayed.
- AMCON argued that the defendants’ alleged failure and refusal to pay their indebtedness as agreed resulted in the legal action.
- AMCON further alleged that the outstanding balance in the new classified account as of August 30, 2019, before the institution of the legal action, stood at “N1.3 billion.”
What Transpired in Court
At the resumed court session, Galadima was called upon to commence his defense.
- Led in evidence by his legal team, he submitted associated documents in defense against AMCON, which Justice Emeka Nwite admitted as evidence.
- Galadima told the court that he intended to import 12,000 tonnes of fertilizer, 6,000 of which were meant to serve as a contract for the Kano State government, while the remaining 6,000 were to be sold in the open market.
“Did you tell the bank that only 6,000 metric tonnes of the fertilizer belonged to the Kano State government? Did you disclose that information?” Akwe asked the witness.
Galadima responded, “The bank was quite aware; after all, they were my consultants and advisers as they debited my accounts up front for that service.”
- Galadima confirmed that in his letter of application to the bank for the said loan, he had suggested that the bank should manage the loan sum.
- He stressed that the failure of the loan transaction rests on the bank, not on him.
“Yes. The explanation is that this bank was my adviser, and they were my consultants; they charged me money for these services. They managed the loan on my instructions, mutually agreed, so that I would have nothing to do with the funds,” he argued.
He maintained that the success or failure of this transaction falls squarely on the bank.
After hearing from him, Justice Nwite adjourned the matter to July 15, 2025, for continuation of the defense.
Backstory
Galadima has faced debt recovery litigation from AMCON for the past five years.
Recall that AMCON, in 2020, seized the assets of Galadima over an alleged N900 million debt.
At the time, Galadima denied any wrongdoing, alleging that the AMCON law was a reincarnation of former President Muhammadu Buhari’s 1983 decree, aimed at allegedly accusing individuals and eventually taking their property without settlement.
