The Supreme Court of Nigeria, Friday, nullified the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria.
With the judgment, the Apex court
affirmed the decision of the Appeal court, which dismissed the order of the lower court.
A Federal High Court in Lagos had ordered the takeover of the company’s property by AMCON for not paying the loan obtained from the defunct Oceanic Bank.
This followed a suit by AMCON, praying 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 Worldwide Ventures Nigeria Limited’s landed properties.
But Suru Worldwide Ventures Nigeria Limited appealed against the judgment on the grounds that it was denied a fair hearing because it was not joined as a defendant.
The appellate court, in a lead judgment 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.
The court also ordered that the matter be returned to the Federal High Court for a fresh hearing
Reading the lead judgment at the apex court, Justice Emmanuel Agim confirmed the court’s decision to halt the company takeover and ordered a new hearing at the High Court.
He said, “I find no merit in the appeal. The judgment of the court of appeal is hereby affirmed. “
