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The Supreme Court of Nigeria has declared the act of vandalisation of Best Western Hotel, located at Allen Avenue, Ikeja, by Asset Management Corporation of Nigeria (AMCON) as illegal.
The Apex court upheld the judgment of the Court of Appeal, which nullified the takeover of the Best Western Hotel by AMCON, a property of Suru Worldwide Ventures Nigeria Limited.
In May 2017, a Federal High Court in Lagos ordered the takeover of the Best Western Hotel by AMCON, as the property had not paid the loan obtained from the defunct Oceanic Bank.
Following this, AMCON filed a lawsuit, seeking the court to instruct security agencies to provide protection, allowing it to enforce its possessory rights as a legal mortgagee under the Deeds of Legal Mortgage concerning Suru Worldwide Ventures Nigeria Limited's properties.
However, the firm appealed the judgment, citing that it was denied a fair hearing as it was not included as a defendant.
The Appellate Court ruled that AMCON's failure to include Suru Worldwide Ventures Nigeria Limited as a defendant in its suit at the Federal High Court invalidated the proceedings that led to the takeover order.
The court also ordered that the matter be returned to the Federal High Court for a fresh hearing.
Dissatisfied with the appellate court's decision, AMCON sought redress at the Supreme Court.
Justice Emmanuel Agim read the lead judgment at the apex court and confirmed the court's decision to halt the company takeover.
He ordered a new hearing at the High Court and stated that he found no merit in the appeal.
The judgment of the court of appeal was affirmed.
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