S/Court Quashes AMCON’s Lagos Hotel Take-Over

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The Asset Management Corporation of Nigeria (AMCON) take-over of the landed property of Suru Worldwide Ventures Nigeria Limited remains nulified, with the Supreme Court affirmation of the judgment of the Court of Appeal nullifying the act.

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

AMCON, in 2017, 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 take-over 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 not joining the firm in the suit as a defendant, rendered the proceedings at the Federal High Court invalid.

The court of appeal nullified the take-over of the company and ordered that the case be returned to the Federal High Court for a fresh hearing.

The apex court on Friday affirmed the decision of the appeal court, and ordered that the case be returned to the Federal High Court for a fresh hearing.

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