Judul : Supreme Court strikes out AMCON’s N24.6bn appeal against Suru Ventures
link : Supreme Court strikes out AMCON’s N24.6bn appeal against Suru Ventures
Supreme Court strikes out AMCON’s N24.6bn appeal against Suru Ventures
The Supreme Court of Nigeria has struck out an appeal filed by the Asset Management Corporation of Nigeria (AMCON) in its legal battle against Suru Worldwide Ventures Nigeria Ltd and its Managing Director, Mr Edward Akinlade, over a disputed N24.6 billion debt.
The appeal, marked SC/CV/865/2021, was declared incompetent by the apex court and subsequently struck out.
The ruling, delivered by Justice Uwani Musa Abba Aji, had the concurrence of Justices Ibrahim M. Musa Saulawa, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, and Abubakar Sadiq Umar.
“This notice of appeal, having been withdrawn for being incompetent, is hereby struck out,” Justice Abba Aji stated.
The legal tussle dated back over a decade and originated from a banker-customer dispute between Suru Worldwide Ventures and the now-defunct Oceanic Bank Plc (acquired by Ecobank Nigeria).
Suru accused the bank of mismanaging its account through what it described as creative accounting and irregular debt restructuring.
It would be recalled that in 2011, Suru filed Suit No. FHC/L/CS/450/2011 at the Federal High Court, Ikoyi, Lagos, against Ecobank and the Central Bank of Nigeria (CBN), arguing that its account, which was originally in credit, was inexplicably manipulated.
The company claimed that a restructured facility of N8.3 billion in 2012 ballooned to N24.6 billion by 2013, without any new credit facility being granted.
The CBN was later struck out as a party to the case. Meanwhile, AMCON entered the dispute in 2016, claiming it had acquired the disputed debt from Ecobank.
The corporation was subsequently joined as a co-defendant in the suit, with AMCON filing a counterclaim seeking N24.2 billion from Suru and Akinlade.
However, AMCON was defeated at both the Federal High Court and the Court of Appeal, Lagos.
The trial court ruled that AMCON’s counterclaim amounted to an abuse of court process, citing multiple legal actions by AMCON on the same subject matter.
It also pointed out that AMCON failed to secure necessary declaratory reliefs in an earlier suit (FHC/L/CS/218/2014), extinguishing its legal standing to sue.
Not satisfied with the lower courts’ verdicts, AMCON escalated the matter to the Supreme Court in July 2021.
At the Supreme Court hearing, AMCON was represented by Dr Joseph Nwobike (SAN), along with Kunle Gbolahan and Samuel Onah.
Representing Suru Worldwide Ventures and Mr Akinlade were Layi Babatunde (SAN), and David Owoeye.
Ecobank had no legal representation during the proceedings.
Ahead of the ruling, Suru Worldwide Ventures had served AMCON with a Pre-Action Notice, demanding over N23 billion in special damages for the alleged illegal takeover and destruction of its asset, Best Western Hotel, located at No. 12 Allen Avenue, Ikeja, Lagos.
The company said the hotel was forcibly seized on September 22, 2017, in a predawn operation allegedly executed by AMCON operatives accompanied by armed security agents.
According to Suru, the operation lacked prior notice, traumatised guests and staff, and severely damaged the facility.
Suru contended that the seizure was based on a Federal High Court order later overturned by the Court of Appeal, and that AMCON’s counterclaims related to the property have been dismissed by both the trial and appellate courts.
The company is now seeking “an order nullifying any transactions entered into by AMCON concerning the property;
“An injunction restraining any further interference with its assets.
“And ₦23,087,390,000 in special damages for financial loss, brand erosion, and property destruction.
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