Appeal Court nullifies AMCON’s takeover of firm’s property – TheNigerialawyer

The Court of Appeal, Lagos Division, has set aside the judgement
of the Federal High Court in Lagos, which empowered the Asset
Management Corporation of Nigeria to take over the landed property
of a firm, Suru Wordwide Ventures Nigeria Limited, over an
allegedly unpaid loan obtained from the defunct Oceanic Bank, which
was acquired by Ecobank.

The appellate court, in a lead judgement 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 a nullity.

AMCON had in its suit before the Federal High Court in Lagos
prayed the court to order security agencies to offer it protection
so as 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.

The lower court, in a May 30, 2017, granted AMCON’s prayer.

But Suru Worldwide Ventures Nigeria Limited appealed against the
judgement on the grounds that it was denied fair hearing because it
was not joined as a defendant.

In the lead appellate court’s judgement, Justice Ogakwu agreed
with Suru Worldwide Ventures Nigeria Limited that its right to fair
hearing was breached.

The appellate court, therefore, voided the takeover of Suru
Worldwide Ventures Nigeria Limited by AMCON and ordered that the
matter be returned to the Federal High Court for fresh hearing.

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