The Supreme Court on Friday affirmed the judgment of the Court of Appeal nullifying the takeover of the
landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria.
A Federal High Court in Lagos had in May 2017 ordered the takeover of the company’s property by AMCON for not paying the loan obtained from the defunct Oceanic Bank.
This came after AMCON filed a suit, seeking 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.
However, the firm appealed the judgment, arguing that it was denied a fair hearing as it was not included as a defendant.
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”.
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”.
Source: Tribune Online
