In a landmark ruling today, the Supreme Court upheld the decision of the Court of Appeal, affirming the annulment of the Asset Management Corporation of Nigeria’s (AMCON) seizure of the landed property belonging to Suru Worldwide Ventures Nigeria Limited.
The saga began in May 2017 when a Federal High Court in Lagos authorized the takeover of the company’s property by AMCON due to non-payment of a loan acquired from the now-defunct Oceanic Bank.
AMCON, in its bid to enforce its possessory rights as a legal mortgagee, had sought court intervention to provide protection and enable the takeover of Suru Worldwide Ventures Nigeria Limited’s properties.
However, the company contested the judgment, alleging that it was denied a fair hearing as it was not included as a defendant in the case.
In a decisive ruling, the Court of Appeal determined that AMCON’s failure to include Suru Worldwide Ventures Nigeria Limited as a defendant invalidated the proceedings leading to the takeover order. Consequently, the court directed that the matter be remitted to the Federal High Court for a fresh hearing.
Unsatisfied with the appellate court’s decision, AMCON escalated the matter to the Supreme Court seeking redress.
In delivering the lead judgment, Justice Emmanuel Agim upheld the decision to halt the company’s takeover and ordered a new hearing at the High Court.
He stated, “I find no merit in the appeal. The judgment of the Court of Appeal is hereby affirmed.”
