Supreme Court voids AMCON takeover of Lagos hotel

The Supreme Court has affirmed the judgement of the Court of Appeal, Lagos Division, nullifying the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON).

Justice Emmanuel Agim, in his judgement on Friday, February 16, 2024, dismissed the appeal brought to it 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,” Justice Agim declared.

The appellate court had, in a lead judgement delivered by Justice Ugochukwu Ogakwu, 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.

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The court also ordered that the matter be returned to the Federal High Court for a fresh hearing

A Federal High Court sitting 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 prayed the court to order security agencies to offer it protection to enable it to exercise its possessory rights as a legal mortgagee under the Deeds of Legal Mortgage, over Suru’s landed properties.

The company however appealed against the judgement on the ground that it was denied a fair hearing because it was not joined as a defendant.

The Star