Business
Supreme Court voids AMCON takeover of Lagos Hotel
The Supreme Court on Friday affirmed the judgment of the Court of Appeal which nullified the takeover of the landed property of Suru Worldwide Ventures Nigeria Limited by the Asset Management Corporation of Nigeria (AMCON).
Justice Emmanuel Agim in his judgment dismissed the appeal filed by AMCON and affirmed the lower court’s decision to halt the company’s takeover and ordered a new hearing at the High Court.
“I find no merit in this appeal. The judgment of the court of appeal is hereby affirmed,” he declared.
The appellate court had in its judgment held that the failure of AMCON to join Suru Worldwide Ventures Nigeria Limited as a defendant in its suit before the Federal High Court rendered the proceedings leading to the takeover order nullity.
READ ALSO: 11PLC to acquire Lagos Continental Hotel from AMCON
The court also ordered that the matter be returned to the Federal High Court for a fresh hearing
A Federal High Court in Lagos had ordered the takeover of the company’s property by AMCON for not paying the loan obtained from the defunct Oceanic Bank.
AMCON had in its suit urged the court to order security agents to offer protection in its bid to take the possessory rights as a legal mortgagee under the Deeds of Legal Mortgage over Suru Worldwide Ventures Nigeria Limited’s landed properties.
But Suru Worldwide Ventures appealed against the judgment because it was denied a fair hearing on the matter.
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