The Supreme Court has halted the takeover of Suru Worldwide Ventures by the Asset Management Corporation of Nigeria (AMCON).
The Supreme Court therefore ordered that the case between Suru Group, a commercial bank, and the Mr Gbenga Alade-led Asset Management Corporation of Nigeria, (AMCON) be returned to the High Court.
AMCON had some years ago taken over a large part of the company’s investment resulting in Long years of litigation.
A Federal High Court had initially ordered the seizure of three companies, belonging to Suru Group by AMCON.
The asset management company has since then taken over three properties of the company in highbrow areas; one at 12, Allen Avenue; another d at 86, Opebi while the third is located at 12, Rev Ogunbiyi Street, Ikeja GRA.
Justice Emmanuel Agim of the Supreme Court, while delivering the judgment upheld the decision of the Appeal Court to upturn the earlier decision of the Federal Court of Appeal.
The Supreme Court judge said ” 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, nullity.
Consequent upon that, the appellate court directed that the matter be heard de-novo (afresh) by the high court.
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.
With this new development, Suru Worldwide Ventures Nigeria Limited, who is the appellant alongside other parties, will have an opportunity to re-establish their cases.
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