The Supreme Court of Nigeria has struck out the appeal filed by the Asset Management Corporation of Nigeria in its protracted legal dispute with Suru Worldwide Ventures Nigeria Limited and its Managing Director, Mr. Edward Akinlade, over an alleged debt claim of N24.6bn.
Delivering judgement on Monday, July 7, 2025, in Appeal No. SC/CV/865/2021, the apex court, sitting in Abuja, held that the appeal was incompetent.
The panel, presided over by Justice Uwani Musa Abba Aji, with Justices Ibrahim M. Musa Saulawa, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, and Abubakar Sadiq Umar concurring, unanimously struck out the appeal.
In the lead judgement, Justice Abba Aji held, “This notice of appeal, having been withdrawn for being incompetent, is hereby struck out.”
The matter originated from a banker-customer relationship between Suru Worldwide Ventures and the defunct Oceanic Bank Plc (now Ecobank Nigeria Plc).
Suru had, in 2011, instituted Suit No. FHC/L/CS/450/2011 before the Federal High Court against Ecobank and the Central Bank of Nigeria, alleging gross mismanagement of its accounts, arbitrary debt restructuring, and what it described as “creative accounting.”
Suru contended that its account, initially in credit, was manipulated, with the alleged indebtedness escalating from a restructured sum of N8.3 bn in 2012 to N24.6 bn by 2013, without any fresh facility being granted.
The CBN was subsequently struck out as a party to the suit.
In 2016, AMCON was joined as a co-defendant after it claimed to have acquired the purported debt from Ecobank. Within 48 hours of its joinder, AMCON filed a counterclaim seeking to recover the sum of N24.2bn from Suru and its Managing Director.
However, both the Federal High Court and the Court of Appeal dismissed AMCON’s counterclaim.
The trial court held that the counterclaim constituted an abuse of court process, having regard to AMCON’s multiple suits on the same subject matter, including Suit No. FHC/L/CS/218/2014, in which AMCON had failed to secure declaratory reliefs.
The court consequently found that AMCON’s right to further prosecute the claim was extinguished.
Dissatisfied with the concurrent findings of the lower courts, AMCON approached the Supreme Court.
However, at the hearing of the appeal, the corporation withdrew its notice of appeal, which was found to be incompetent.
The apex court accordingly struck it out.
Dr. Joseph Nwobike (SAN), with Kunle Gbolahan and Samuel Onah, appeared for AMCON, while Layi Babatunde (SAN), with Mr. David Owoeye, appeared for the respondents. There was no appearance for Ecobank.
The decision of the Supreme Court affirmed the rulings of the Federal High Court and the Court of Appeal and marks the end of AMCON’s litigation in the matter, unless extraordinary judicial relief is sought.
Following the Supreme Court’s decision, Suru Worldwide Ventures has issued a pre-action notice to AMCON, demanding special damages in the sum of N23,087,390,000.
The demand arises from AMCON’s alleged unlawful occupation and destruction of Suru’s property, specifically the Best Western Hotel located at No. 12 Allen Avenue, Ikeja, Lagos.
The notice alleged that on 22 September 2017, AMCON, in a pre-dawn operation conducted alongside armed security agents, forcefully took over the hotel premises without prior notice. Suru contended that the takeover was pursuant to a Federal High Court order that was subsequently set aside by the Court of Appeal.
In its demand, Suru seeks the following reliefs: “A declaration nullifying any transactions entered into by AMCON with respect to the subject property; an order of injunction restraining AMCON from further interference with the property; an award of N23,087,390,000 in special damages for alleged financial losses, reputational damage, and destruction of assets.”(Punch)
