Possible Reprieve for Suru Worldwide Ventures in Supreme Court over Takeover by AMCON

Precious Ugwuzor

For Suru Worldwide Ventures Nigeria Limited, the recent Supreme Court Judgment has provided it reprieve to obtain justice in the protracted case between it, Access Bank Plc Limited and Asset Management Corporation of Nigeria (AMCON) over the latter’s takeover of the company. 

The case started from Federal High Court and got to Supreme Court, which directed both parties to go back to the Federal High Court where the case started.

In AMCON’s reaction, its spokesperson,  Jude Nwauzor said: “Please read the Supreme Court pronouncement again. It referred the parties back to the Federal High Court, which is AMCON’s court of first instance.”

On Friday, February 16, 2024, the judgment of the Court of Appeal, Lagos, nullified the takeover of the multibillion landed property of Suru Worldwide Ventures Nigeria Limited by AMCON, which was headed by Ahmed Kuru but recently replaced with Mr. Gbenga Alade.

In the judgement, the Court, Presided over by Justice Emmanuel  Agim, in his ruling, affirmed the lower court’s decision to immediately halt the company’s takeover, and ordered a new hearing  at the High Court.

Agim was unequivocal in his saying: “I find no merit in this Appeal.”

Recall that the Appellate Court, in its lead judgment by Justice Ugochukwu Ogakwu lampooned AMCON for failing to join Suru Worldwide Ventures Nigeria Limited as a defendant in the suit before the Federal High Court and had rendered the takeover order a nullity.

Instructively, the reprieve which finally came the way of the firm was a soothing balm, which it deserved,

Dr. Edward Akinlade, the Managing Director of Suru World Wide Ventures Nigeria Limited, has  pies in several businesses like the massive investments in Best Western Lagos Hotel, Ikeja; Opebi Hotel Projects, Ikeja; and land in GRA, Ikeja GRA Town Houses.

Suru Worldwide Ventures Nigeria Limited had carved a niche for itself in the competitive and challenging Nigeria business environment when it made aggressive inroad in the economy, and added great  input into employment, services delivery years ago.

With an initial workforce of over 2000, the firm was later faced with Nigeria’s peculiar economic downturn. This development was to compel it to rationalise its workforce and operations, leaving only 250 workers to operate with.

During the process, the company had taken loan facility from the defunct Oceanic Bank before the bank’s takeover by Access Bank Plc.

Following the firm’s challenge in offsetting the loan facility, AMCON, the financial regulator came into the fray to enforce the repayment order statutorily.

AMCON had sought the enforcement order by asking the security agencies to provide personnel needed to recover the loan from Suru Worldwide Ventures Nigeria Limited.

The case had traversed rough legal journeys since 2018 and in at  the Court of Appeal, Lagos, before the lead judge, Justice Ogakwu, in Suit No FHC/ CS/1059/2016 : Asset Management Corporation of Nigeria vs Inspector General of Police & Others,  delivered on the 30th of May, 2017 the lower court said: “ In view of the foregoing, the plaintiff has not only made out its right to undisturbed  and peaceful possession of the properties located at No 86 Opebi Road, Ikeja, Lagos State; No 12, Reverend Ogunbiyi Street, GRA, Ikeja, Lagos State; and No. 12,Allen Avenue, Ikeja, GRA, Lagos State. 

“It has also made out a case to warrant adequate protection by the Defendants in exorcising its established rights in Exhibit A, B and C”.

Besides other moves to recover the properties,  the company was suddenly greeted with a new development in the ongoing case from  Deployment Energy Company, IDECO, which claimed it had come with a paper from AMCON that it was the new owner of the property at 12, Rev Ogunbiyi Street, GRA, Ikeja.

The move was however deflated by Suru Worldwide Company Nigeria Limited, after it  deployed its legal teeth to dismiss the company.

The company dismissed the claim that its loan facilities were non-performing as claimed by IDECO, adding that the classification of the loan as non-performing was not their fault, but due to the breach of the agreement entered into by its disbursement by the creditors.

It regretted that the development eventually stalled their (Suru’s) projects, which it claimed were about 95 per cent completed as August 2019.

However, not wanting to take chances, the management of Supreme Worldwide Ventures Nigeria Limited approached the National Assembly in Abuja for legislative interventions.

It sought the support of the then Speaker House of Representatives, Hon, Femi Gbajabiamila to save them from  AMCON’s  further embarrassment and recover their property for them.

Now, close observers of the happenings in the sector said the coast will soon be clear for the management, staff and other stakeholders of Suru Worldwide Ventures Nigeria to make unhindered access into the Nigerian and global economies with its dynamic businesses.