The Supreme Courtroom on Friday upheld the judgment of the Courtroom of Attraction, annulling the takeover of the corporate
land possession of Suru Worldwide Ventures Nigeria Restricted by the Asset Administration Company of Nigeria.
A Federal Excessive Courtroom in Lagos had in Might 2017 ordered the takeover of the corporate's properties by AMCON over non-payment of the mortgage obtained from the defunct Oceanic Financial institution.
This got here after AMCON filed a lawsuit, asking the courtroom to direct safety businesses to offer safety, permitting it to implement its possession rights as authorized mortgagee beneath the deeds of authorized mortgage overlaying the properties of Suru Worldwide Ventures Nigeria Restricted.
Nonetheless, the corporate appealed the decision, arguing that the corporate had not obtained a good trial as a result of it was not included as a defendant.
In the principle judgment delivered by Justice Ugochukwu Ogakwu, the Courtroom of Attraction held that AMCON's failure to incorporate Suru Worldwide Ventures Nigeria Restricted as a defendant within the go well with on the Federal Excessive Courtroom invalidated the proceedings resulting in the takeover order.
The courtroom additionally ordered that the case be remanded to the Federal Excessive Courtroom for a brand new listening to
AMCON was dissatisfied with the enchantment courtroom's determination and sought redress within the Supreme Courtroom.
Studying the main judgment of the Supreme Courtroom, Justice Emmanuel Agim upheld the courtroom's determination to halt the takeover of the corporate and ordered a brand new listening to on the Supreme Courtroom.
He mentioned: “I discover no benefit within the enchantment. The judgment of the Courtroom of Attraction is hereby affirmed.”
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