Boardroom crisis: AMML MD appointment terminated despite court injunction

The Abuja Markets Management Ltd (AMML), has terminated the employment of its managing director, Alhaji Abubakar Faruk.

The prolong boardroom crisis took a new twist Monday when Abubakar Maina on behalf of the AMML’s shareholders took the decision despite a valid court injunction.

Justice Donatus Okorowo of a Federal High Court, Abuja, in a judgment on July 10, nullified Faruk’s redeployment by yet-to-be ratified AMML board chairman, Maina, and the former minister of FCT, Mohammed Bello.

A copy of the embattled MD’s employment termination letter, dated July 17 and signed by Mr. Maina, the Group Managing Director (GMD) of Abuja Investments Company Ltd (AICL) was cited by newsmen in Abuja.

It reads: “We write to inform you that your services as Chief Executive Officer/Managing Director of Abuja Markets Management Limited (AMML) are no longer required.

“Your appointment as the Chief Executive Officer/Managing Director of Abuja Markets Management Limited (AMML) is therefore terminated with effect from July 17, 2023.

“Note that your one month salary in lieu of this notice as well as other benefits and emoluments as per your letter of appointment shall be paid upon your evacuation of office and return of all properties of AMML.

“Note also that this termination as Chief Executive Officer/Managing Director of AMML does not affect your status as director of the company.

“On behalf of the shareholders of AMML, we appreciate your services and wish you the best going forward.

“Kindly be assured of our best regards.”

Earlier, Justice Okorowo had ordered Faruk’s reinstatement as MD of AMML.