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