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Supreme Court Nullifies AMCON’s Seizure of Lagos Hotel
Supreme Court Nullifies AMCON’s Seizure of Lagos Hotel
The recent decision by the Supreme Court to void the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON) has sparked a significant legal debate. This ruling affirms the judgment of the Court of Appeal, which had previously nullified AMCON’s takeover and ordered a new hearing at the High Court.
NewsReport learned that Justice Emmanuel Agim dismissed the appeal filed by AMCON, stating that he found no merit in the case and affirming the lower court’s decision. The Court of Appeal had ruled that AMCON’s failure to include Suru Worldwide Ventures Nigeria Limited as a defendant in its initial suit before the Federal High Court rendered the proceedings leading to the takeover order null and void.
As a result, the matter has been sent back to the Federal High Court for a fresh hearing. This decision comes after a Federal High Court in Lagos initially ordered the takeover of Suru Worldwide Ventures’ property by AMCON due to the company’s failure to repay a loan obtained from the defunct Oceanic Bank.
AMCON had sought the court’s assistance in taking possession of the property as a legal mortgagee under the Deeds of Legal Mortgage. However, Suru Worldwide Ventures argued that it was denied a fair hearing in the matter, leading to the subsequent legal challenges and appeals.
This case highlights the importance of due process and fair treatment in legal proceedings, particularly when it comes to matters of property rights and financial obligations. The Supreme Court’s decision to uphold the Court of Appeal’s ruling underscores the need for all parties involved to be given a fair opportunity to present their case and defend their rights.
Moving forward, it will be crucial for all stakeholders to adhere to legal procedures and ensure that proper due diligence is conducted in similar cases to prevent any further disputes or challenges. This ruling serves as a reminder of the importance of upholding justice and fairness in our legal system.
