Supreme Court halts AMCON takeover of Lagos hotel

The Supreme Court therefore ordered that the case between Suru Group, a commercial bank, and the Mr Gbenga Alade-led Asset Management Corporation of Nigeria, (AMCON) be returned to the High Court.

AMCON had some years ago taken over a large part of the company’s investment resulting in Long years of litigation.

A Federal High Court had initially ordered the seizure of three companies, belonging to Suru Group by AMCON.

The asset management company has since then taken over three properties of the company in highbrow areas; one at 12, Allen Avenue; another d at 86, Opebi while the third is located at 12, Rev Ogunbiyi Street, Ikeja GRA.

Justice Emmanuel Agim of the Supreme Court, while delivering the judgment upheld the decision of the Appeal Court to upturn the earlier decision of the Federal Court of Appeal.

The Supreme Court judge said ” I find no merit in this appeal. The judgment of the Court of Appeal is hereby affirmed,” Agim declared.