Supreme Court Overturns AMCON’s Seizure Of Suru Worldwide Ventures Nigeria Limited’s Assets

Supreme Court Overturns AMCON’s Seizure Of Suru Worldwide Ventures Nigeria Limited’s Assets

In a significant legal development, the Supreme Court of Nigeria has upheld the decision of the Court of Appeal to annul the takeover of the landed property belonging to Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON)…..READ ALSO Supreme Court Resoundingly Upholds Ahmadu Fintiri’s Victory As Adamawa Governor, Criticizes Electoral Irregularities

The case dates back to May 2017 when a Federal High Court in Lagos granted AMCON’s request to seize the assets of Suru Worldwide Ventures Nigeria Limited due to the company’s failure to repay a loan obtained from the defunct Oceanic Bank. AMCON had sought legal authorization to enforce its possessory rights as a legal mortgagee under the Deeds of Legal Mortgage.

However, Suru Worldwide Ventures Nigeria Limited challenged the judgment, arguing that it was not given a fair hearing as it was not included as a defendant in the proceedings.

In a landmark ruling, Justice Ugochukwu Ogakwu of the appellate court declared that AMCON’s failure to include Suru Worldwide Ventures Nigeria Limited as a defendant invalidated the entire legal process leading to the seizure order.

Following this decision, AMCON appealed to the Supreme Court, seeking to overturn the Court of Appeal’s ruling. However, in a final judgment delivered by Justice Emmanuel Agim, the Supreme Court affirmed the decision of the appellate court.

Justice Agim emphasized that there was no merit in AMCON’s appeal and upheld the annulment of the asset seizure. The Supreme Court’s decision effectively halts the takeover of Suru Worldwide Ventures Nigeria Limited’s assets and orders a fresh hearing at the Federal High Court.

This ruling marks a significant victory for Suru Worldwide Ventures Nigeria Limited, highlighting the importance of due process and fair legal proceedings in matters of asset seizure and debt recovery. It underscores the judiciary’s role in upholding the rights of individuals and businesses in Nigeria’s legal system.