Firm lauds apex court’s verdict on seizure of its assets by AMCON

Suru Group Boss, Edward Akinlade has applauded the Supreme Court of Nigeria for its decisive judgement in the lawsuit between his company, Suru Worldwide and Asset Management Corporation of Nigeria (AMCON) over seizure of some of his company’s property by AMCON.

Recall that the Supreme Court on February 16, 2024, affirmed the judgment of the Court of Appeal Lagos nullifying the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON).

Justice Emmanuel Agim in his judgment dismissed the appeal brought to it by AMCON and affirmed the lower court’s decision to halt the company’s takeover and ordered a new hearing at the High Court.

The appellate court had 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 a nullity.

The court also ordered that the matter be returned to the Federal High Court for a fresh hearing.

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.

AMCON had prayed 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 property.

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

Speaking at a media briefing, Akinlade said the initial Federal High Court Order had empowered AMCON to seize three of his company’s priced assets which were in the highbrow areas in Ikeja.

He said the judgment has helped restore hope for companies who have fallen victims to AMCON unscrupulous means of taking possession of property of individuals and businesses in the name of helping to resolve the non-performing loan assets.

Narrating what transpired between Suru Worldwide Limited and AMCON which resulted in a legal battle which has been lingering for the past seven years, Akinlade said: “We took a loan from Oceanic Bank in those days for about N13.5billion and part of it was invested in Best Western Hotel. Part of it was used to buy a lot of land in Ikeja, GRA. And we were paying the loan.

“Towards the tail end of the former CBN governor, Lamido Sanusi arrival, John Aboh who was appointed as the Managing Director of Oceanic Bank was just selling our property behind our back. We were here, how can somebody tell us they have bought our lands? Oceanic Bank was doing that. And then they wrote us a letter that they are not giving us any more money that we have spent part of the loan. All the credits in our bank accounts were taken.

“One day, we were just told that whatever that was left in our loan was sold to AMCON for N8.5billion. So that is the contention. When AMCON came in, they went to the Federal High Court praying that it should agree that they had bought the loan properly. But the case was dismissed because AMCON should not be buying performing loans.

“This was a judgment AMCON was told Suru is not owing them any money. Then they now started seeking what I call ‘Jankara judgment’ from other courts.”

He called on President Bola Tinubu to scrap AMCON over its alleged highhandedness and impunity.