Oguntade Ismaila, Lagos
The Supreme Court of Nigeria has delivered a significant legal victory to Suru Worldwide Ventures Nigeria Ltd and its Managing Director, Mr. Edward Akinlade, by dismissing an appeal filed by the Asset Management Corporation of Nigeria (AMCON) over a disputed N24.6 billion debt claim. The apex court, sitting in Abuja on Monday, July 7, 2025, ruled that AMCON’s appeal, marked SC/CV/865/2021, was incompetent and subsequently struck it out.
The unanimous ruling, delivered by Justice Uwani Musa Abba Aji with the concurrence of Justices Ibrahim M. Musa Saulawa, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, and Abubakar Sadiq Umar, effectively concludes AMCON’s efforts to pursue this particular debt claim at the Supreme Court. “This notice of appeal, having been withdrawn for being incompetent, is hereby struck out,” Justice Abba Aji declared.
The long-running legal dispute originated as a banker-customer disagreement between Suru Worldwide Ventures and Oceanic Bank Plc (now Ecobank Plc). Suru had initiated Suit No. FHC/L/CS/450/2011 at the Federal High Court in 2011, alleging “gross mismanagement,” “inconsistent and unexplainable debt restructuring,” and “creative accounting” by the bank.
Suru maintained that its account, which was initially in credit, was manipulated, leading to an alleged debt that inexplicably ballooned from N8.3 billion in 2012 to over N24.6 billion by 2013, despite no new facilities being granted. The Central Bank of Nigeria (CBN), initially joined in the suit, was later struck out.
AMCON entered the legal fray in 2016, claiming to have acquired the disputed debt from Ecobank and was subsequently joined as a co-defendant. Notably, just two days after being joined, AMCON filed a counterclaim seeking to recover N24.2 billion from Suru and its Managing Director, Mr. Akinlade.
However, both the Federal High Court and the Court of Appeal had consistently ruled against AMCON’s counterclaim. The trial court found AMCON’s counterclaim to be an abuse of court process, citing multiple suits by the corporation on the same subject matter and its failure to obtain necessary declaratory reliefs in an earlier case (FHC/L/CS/218/2014), which extinguished AMCON’s right to sue on the matter.
Despite these earlier setbacks, AMCON proceeded with an appeal to the Supreme Court in July 2021. However, at Monday’s hearing, its notice of appeal was ultimately deemed incompetent and consequently withdrawn, leading to the dismissal.
Dr. Joseph Nwobike, SAN, alongside Kunle Gbolahan, Esq., and Samuel Onah, Esq., represented AMCON. Layi Babatunde, SAN, appeared with David Owoeye, Esq., for Suru Worldwide Ventures and Mr. Akinlade. Ecobank Plc had no legal representation at the hearing.
This Supreme Court ruling not only affirms the decisions of the lower courts but also provides significant legal reprieve for Suru Worldwide Ventures. The company had consistently argued that AMCON’s repeated litigation over the same debt amounted to harassment and an abuse of judicial process. The decision effectively ends AMCON’s legal challenge in this matter at the highest judicial level, barring any extraordinary future relief.
Prior to this judgment, Suru Worldwide Ventures had already issued a Pre-Action Notice to AMCON, demanding over ₦23 billion in special damages. This demand stems from what Suru described as the wrongful occupation and destruction of its property, specifically the Best Western Hotel at No. 12 Allen Avenue, Ikeja, Lagos.
According to Suru, the hotel was forcefully taken over on September 22, 2017, in a pre-dawn operation allegedly carried out by AMCON operatives and armed security agents without prior notice, causing significant damage to the property and traumatizing guests and staff. Suru Worldwide contends that this takeover was based on a Federal High Court order that was later set aside by the Court of Appeal, and that AMCON’s counterclaims against the company had already been dismissed at both the trial and appellate levels.
Suru Worldwide Ventures is now seeking a court order to nullify any transactions AMCON may have entered into concerning the disputed property, an injunction restraining further interference, and ₦23,087,390,000 in special damages for financial losses, brand damage, and destruction of assets.
