The Supreme Court has delivered a significant legal victory to Suru Worldwide Ventures Nigeria Ltd and its managing director, Mr. Edward Akinlade, dismissing an appeal filed by Asset Management Corporation of Nigeria (AMCON) over a disputed N24.6 billion debt claim.
The apex court, sitting in Abuja on Monday, ruled that AMCON’s appeal, marked SC/CV/865/2021, was incompetent and subsequently struck it out.
The unanimous ruling, delivered by Justice Uwani Musa Abba Aji, with the concurrence of Justices Ibrahim M. Musa Saulawa, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, and Abubakar Sadiq Umar, effectively concludes AMCON’s efforts to pursue this particular debt claim at the Supreme Court.
“This notice of appeal, having been withdrawn for being incompetent, is hereby struck out,” Justice Abba Aji declared.
The long-running legal dispute originated as a banker-customer disagreement between Suru Worldwide Ventures and Oceanic Bank Plc (now Ecobank Plc).
Suru had initiated Suit No. FHC/L/CS/450/2011 at the Federal High Court in 2011, alleging gross mismanagement, inconsistent and unexplainable debt restructuring and “creative accounting” by the bank.