Relief may have come the way of Suru Worldwide Ventures Nigeria, Limited as the Supreme Court finally quashed an illegal move by Asset Management Corporation of Nigeria, (AMCON) to acquire Suru Ventures properties.
The apex court has therefore ordered that the age-long legal brawl between Suru Group, a commercial bank and the Mr Gbenga Alade-led Asset Management Corporation of Nigeria, (AMCON) be taken back to the lower court.
The case it would be recalled had traversed rough legal journeys since it started in 2018.
The initial Federal High Court Order had empowered AMCON to seize 3 of his company’s priced assets which were located in the high brew areas in Ikeja; one is at 12, Allen; the second at 86, Opebi while the third is located at 12, Rev Ogunbiyi.
While delivering a verdict on the matter at the apex court, Justice Emmanuel Agim in his judgment dismissed the appeal filed by AMCON and affirmed the lower court’s decision to halt the company’s takeover and ordered a new hearing at the High Court.
“I find no merit in this appeal. The judgment of the court of appeal is hereby affirmed,” Agim declared.
Earlier, the appellate court had in its judgment held that the failure of AMCON to join Suru Worldwide Ventures Nigeria Limited as a defendant in its suit before the Federal High Court rendered the proceedings leading to the takeover order nullity.
The appellate court, in its judgment delivered by Justice Ugochukwu Ogakwu lampooned AMCON, describing AMCON’s failure to join the Appellant in the case as rendering the entire proceedings that led to the takeover order, a nullity.
Consequent upon that, the appellate court directed that the matter be heard de-novo (afresh) by the high court.
This medium reports that a Federal High Court in Lagos had ordered the takeover of the company’s property by AMCON for not paying the loan obtained from the defunct Oceanic Bank.
AMCON had in its suit urged the court to order security agents to offer protection in its bid to take the possessory rights as a legal mortgagee under the Deeds of Legal Mortgage over Suru Worldwide Ventures Nigeria Limited’s landed properties.
However, Suru Worldwide Ventures appealed against the judgment, arguing that it was denied a fair hearing on the matter.
Before now, the Asset Management Corporation of Nigeria was headed by Ahmed Kuru, who was sacked recently by President Bola Tinubu.
By this new development, Suru Worldwide Ventures Nigeria Limited, who is the appellant alongside other parties, will have an opportunity to re-establish their cases.
Reacting after the verdicts, Suru Group Boss, Edward Akinlade described the Supreme Court judgment as remarkable, saying it attested to the fact that it is the last hope of the common man in the country.
When Blueprint contacted AMCON, to react on the Supreme Court judgment and whether or not it will comply, its spokesperson Jude Nwauzor said: “Please read the Supreme Court pronouncement again. It referred the parties back to the Federal High Court, which is AMCON’s court of first instance”.
