BREAKING: Yakubu Confirms Sack (DETAILS)

BREAKING: Yakubu Confirms Sack (DETAILS)

Abuja Markets Management Limited (AMML) has announced the dismissal of its Managing Director, Abubakar Usman Faruk, due to ongoing legal disputes stemming from the leadership crisis within the company.

Faruk had recently taken the matter to the Federal High Court in Abuja, contesting the legitimacy of the newly reconstituted AMML Board, which affected his position.

However, on July 11, 2023, the Federal High Court ruled in favor of Abubakar Faruk, recognizing him as a director of the company and granting other reliefs sought.

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Nevertheless, during a meeting on Monday, the shareholders unanimously decided to remove Usman Faruk from his position as the Managing Director/CEO of Abuja Markets Management Limited with immediate effect.

The acting Managing Director/CEO, Abbas Yakubu, confirmed this development to journalists following the meeting, stating that Faruk would still retain his position as one of the directors of the company.

Yakubu further explained that the shareholders were displeased with Faruk’s audacity to challenge their authority as the ultimate owners of the company.

They expressed their frustration, noting that Faruk had enjoyed a unique privilege as the longest-serving head of any company owned by the Federal Capital Territory Administration (FCTA).