The Supreme Court has on Friday 16 February upheld the judgment of the Court of Appeal that nullified the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria.
Recall that a Federal High Court sitting in Lagos had in May 2017 ordered the takeover of the company’s property by AMCON for inability to pay the loan obtained from the defunct Oceanic Bank.
This development is coming after AMCON filed a suit, asking the court to instruct security agencies to provide protection, allowing it to enforce its possessory rights as a legal mortgagee under the Deeds of Legal Mortgage concerning Suru Worldwide Ventures Nigeria Limited’s properties.
The firm however appealed the judgment, contesting that it was denied a fair hearing as it was not named as a defendant.
Meanwhile, in the Justice Ugochukwu Ogakwu led judgment, the appellate court ruled that the failure of AMCON to include Suru Worldwide Ventures Nigeria Limited as a defendant in its suit at the Federal High Court invalidated the proceedings that resulted to the takeover order.
The Apex Court also ordered that the matter be returned to the Federal High Court for a fresh hearing
Dissatisfied with the appellate court’s decision, AMCON sought redress at the Supreme Court.
Delivering the lead judgment at the apex court, Justice Emmanuel Agim authenticate the court’s decision to stop the company takeover and ordered a fresh hearing at the High Court.
“I find no merit in the appeal. The judgment of the court of appeal is hereby affirmed”. He added.
