Supreme court nullifies AMCON’s takeover of Lagos hotel

The supreme court has 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 (AMCON).

In the lead judgment read by Emmanuel Agim, the presiding judge, the supreme court, on Friday, dismissed the appeal filed by AMCON.

BACKGROUND

In 2017, AMCON took over a hotel owned by Suru Worldwide Ventures Nigeria Limited over the non-payment of a loan obtained from the defunct Oceanic Bank.

The debt recovery agency approached the court to seek an order for security agencies to protect the takeover of the firm’s property, Best Western hotel located at Ikeja in Lagos.

The federal high court in Lagos granted the takeover of the firm’s property.

Dissatisfied with the judgment, the firm approached the court of appeal because it was denied a fair hearing and was not joined as a defendant in the suit.

The court of appeal, in its judgment, held that the failure to join the firm in the suit as a defendant rendered the proceedings at the federal high court invalid.

The court of appeal nullified the takeover of the company and ordered that the case be returned to the federal high court for a fresh hearing.

On Friday, the apex court affirmed the decision of the appeal court.

The supreme court ordered that the case be returned to the federal high court for a fresh hearing.