The Supreme Court has reaffirmed the decision of the Court of Appeal Lagos, 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, delivering the judgment, dismissed the appeal lodged by AMCON and upheld the lower court’s ruling, halting the company’s takeover. The Supreme Court ordered a new hearing at the High Court, stating, “I find no merit in this appeal. The judgment of the court of appeal is hereby affirmed.”

The Court of Appeal had previously held that AMCON’s failure to include Suru Worldwide Ventures Nigeria Limited as a defendant in its suit before the Federal High Court rendered the proceedings leading to the takeover order null and void. Moreover, the appellate court directed that the matter be remanded to the Federal High Court for a fresh hearing.

Previously, a Federal High Court in Lagos had sanctioned the takeover of the company’s property by AMCON due to non-payment of a loan acquired from the defunct Oceanic Bank. AMCON had sought the court’s assistance to obtain protection from security agencies to exercise its possessory rights as a legal mortgagee over Suru Worldwide Ventures Nigeria Limited’s landed properties.

However, Suru Worldwide Ventures Nigeria Limited contested the judgment, claiming it was denied a fair hearing as it was not included as a defendant in the case.

By nullifying the takeover and ordering a fresh hearing, the Supreme Court’s decision serves as a crucial development in safeguarding the legal rights of both parties. This ruling marks a significant precedent in the Nigerian legal landscape, ensuring fair proceedings and upholding property rights.