Murtala
Muhammed Son Goes Bankrupt As Bank Confiscates His Properties Over N1.06
Billion Debt
The
last which was heard of Alhaji Abba Risqua Muhammed, son of former Nigeria Head
of State, General Murtala Muhammad was his show of interest to become Governor
of Kano State during April 2015 general election.
What
we also heard was his eventual withdrawal from the race for reasons best known
to him and his group.
Since
then, little has been heard of the eldest son of the former Head
of State. What is strange is the sad news coming from his household.
Alhaji Muhammed is said to be modest in style unlike kids
of other politicians, old or new in the country but what we heard about his
current financial state is not palatable.
Sources close to him said apart from the fact that he
might have been pressurized by political forces beyond his control to
relinquish his Kano gubernatorial interest, his action could be traced to the
fact that he was unable to compete financially in the run towards the election.
Some quarters said the AMG Petro-Energy Limited boss
apart from being born with a silver spoon in his mouth, he has also carved a
niche for himself in the bullion water industry, doing well enough to pay
bills.
But the latest news at our disposal about him revealed
that he’s gone penniless at the moment. It was learnt that his financial
institutions are currently tracking his movements for his inability to offset
the credit facilities granted him.
In a law suit filed by one of Nigeria’s new generation
banks before Justice Tsoho of the Federal High Court Lagos, it was revealed
that Muhammad and his company were granted several facilities that were
personally guaranteed by Alhaji Muhammed. The bank noted that despite repeated
lawful demands, the principal debtor (Muhammed) refused to pay the outstanding
inventory finance facility worth N1.006 Million.
Alhaji Muhammed was said to have also charged a
tripartite legal mortgage on a property situated at Plot 708A, Adeola Hopewell
Street, Victoria Island, Lagos in favour of the bank. It was further stated in
the suit before the court that the facilities were later restructured, while
some were subsequently sold to the Asset Management Corporation of Nigeria
(AMCON).
The development, we gathered was a consequence of the inability
of AMG Petro-Energy Limited to meet up with the repayment plan, hence the
facilities continued to accrue interest.
The deficiency on the part of Alhaji Muhammed
and his company apparently led the bank to seek an order declaring Muhammed and
his company bankrupt. It also sought consequential order of the court
empowering it to sell the properties of the debtor wherever it’s situated to
compensate the debtor’s charges
No comments:
Post a Comment