Treasured Ugwuzor
For Suru Worldwide Ventures Nigeria Restricted, the current Supreme Courtroom Judgment has offered it reprieve to acquire justice within the protracted case between it, Entry Financial institution Plc Restricted and Asset Administration Company of Nigeria (AMCON) over the latter’s takeover of the corporate.
The case began from Federal Excessive Courtroom and obtained to Supreme Courtroom, which directed each events to return to the Federal Excessive Courtroom the place the case began.
In AMCON’s response, its spokesperson, Jude Nwauzor mentioned: “Please learn the Supreme Courtroom pronouncement once more. It referred the events again to the Federal Excessive Courtroom, which is AMCON’s courtroom of first occasion.”
On Friday, February 16, 2024, the judgment of the Courtroom of Attraction, Lagos, nullified the takeover of the multibillion landed property of Suru Worldwide Ventures Nigeria Restricted by AMCON, which was headed by Ahmed Kuru however just lately changed with Mr. Gbenga Alade.
Within the judgement, the Courtroom, Presided over by Justice Emmanuel Agim, in his ruling, affirmed the decrease courtroom’s choice to instantly halt the corporate’s takeover, and ordered a brand new listening to on the Excessive Courtroom.
Agim was unequivocal in his saying: “I discover no benefit on this Attraction.”
Recall that the Appellate Courtroom, in its lead judgment by Justice Ugochukwu Ogakwu lampooned AMCON for failing to hitch Suru Worldwide Ventures Nigeria Restricted as a defendant within the go well with earlier than the Federal Excessive Courtroom and had rendered the takeover order a nullity.
Instructively, the reprieve which lastly got here the best way of the agency was a soothing balm, which it deserved,
Dr. Edward Akinlade, the Managing Director of Suru World Huge Ventures Nigeria Restricted, has pies in a number of companies like the huge investments in Greatest Western Lagos Lodge, Ikeja; Opebi Lodge Tasks, Ikeja; and land in GRA, Ikeja GRA City Homes.
Suru Worldwide Ventures Nigeria Restricted had carved a distinct segment for itself within the aggressive and difficult Nigeria enterprise setting when it made aggressive inroad within the financial system, and added nice enter into employment, companies supply years in the past.
With an preliminary workforce of over 2000, the agency was later confronted with Nigeria’s peculiar financial downturn. This improvement was to compel it to rationalise its workforce and operations, leaving solely 250 staff to function with.
In the course of the course of, the corporate had taken mortgage facility from the defunct Oceanic Financial institution earlier than the financial institution’s takeover by Entry Financial institution Plc.
Following the agency’s problem in offsetting the mortgage facility, AMCON, the monetary regulator got here into the fray to implement the reimbursement order statutorily.
AMCON had sought the enforcement order by asking the safety businesses to supply personnel wanted to get well the mortgage from Suru Worldwide Ventures Nigeria Restricted.
The case had traversed tough authorized journeys since 2018 and in at the Courtroom of Attraction, Lagos, earlier than the lead decide, Justice Ogakwu, in Go well with No FHC/ CS/1059/2016 : Asset Administration Company of Nigeria vs Inspector Common of Police & Others, delivered on the thirtieth of Could, 2017 the decrease courtroom mentioned: “ In view of the foregoing, the plaintiff has not solely made out its proper to undisturbed and peaceable possession of the properties situated at No 86 Opebi Street, Ikeja, Lagos State; No 12, Reverend Ogunbiyi Road, GRA, Ikeja, Lagos State; and No. 12,Allen Avenue, Ikeja, GRA, Lagos State.
“It has additionally made out a case to warrant satisfactory safety by the Defendants in exorcising its established rights in Exhibit A, B and C”.
In addition to different strikes to get well the properties, the corporate was immediately greeted with a brand new improvement within the ongoing case from Deployment Vitality Firm, IDECO, which claimed it had include a paper from AMCON that it was the brand new proprietor of the property at 12, Rev Ogunbiyi Road, GRA, Ikeja.
The transfer was nonetheless deflated by Suru Worldwide Firm Nigeria Restricted, after it deployed its authorized tooth to dismiss the corporate.
The corporate dismissed the declare that its mortgage amenities had been non-performing as claimed by IDECO, including that the classification of the mortgage as non-performing was not their fault, however because of the breach of the settlement entered into by its disbursement by the collectors.
It regretted that the event ultimately stalled their (Suru’s) initiatives, which it claimed had been about 95 per cent accomplished as August 2019.
Nevertheless, not desirous to take possibilities, the administration of Supreme Worldwide Ventures Nigeria Restricted approached the Nationwide Meeting in Abuja for legislative interventions.
It sought the assist of the then Speaker Home of Representatives, Hon, Femi Gbajabiamila to avoid wasting them from AMCON’s additional embarrassment and get well their property for them.
Now, shut observers of the happenings within the sector mentioned the coast will quickly be clear for the administration, employees and different stakeholders of Suru Worldwide Ventures Nigeria to make unhindered entry into the Nigerian and world economies with its dynamic companies.
