There is a raging battle between Suru Worldwide Ventures Nigeria Limited and Asset Management Corporation of Nigeria (AMCON) over what the firm described as forceful takeover of its multibillion naira property in Lagos and has consequently warned any person or their agents to steer clear of its properties or face the wrath of the law.
In its effort to regain the control of its business and operations, the company has petitioned the National Assembly for its intervention, following a business deal that went awry in over a decade.
Suru Worldwide Ventures Nigeria Limited has its pies in the hotel industry and landed properties but had been battling the defunct Oceanic Bank and its successor, Access Bank Plc. and AMCON, to remain in business.
The firm owns Best Western Lagoss Hotel, Ikeja, Opebi Hotel projects, Ikeja, Government Reservation Area (GRA) Land, Lagos State and Ikeja GRA Town Houses.
The company claimed that it started with an initial staff strength of over 2000 Nigerians before it witnessed a downturn resulting in staff rationalisation, which left 250 employees, following its loan repayment challenges with the defunct Oceanic Bank Plc.
The The Lagos-based firm said that the defunct Oceanic Bank Plc facilitated its loan procurement amounting to billions of naira.
However, according to the Managing Director of Suru Worldwide ventures Nigeria Limited, Edward Akinlade and Company Secretary, Ayodeji Adewunmi, in a joint statement, to AMCON, “the classification of the loan accounts with bank as non-performing, is considered objectionable by the company, as the said classification is due to no omission or negligence on our part, but owed to the bank’s breach of its agreement by the disbursement of funds on the facility as agreed and stalling the various projects, which were mostly 95 percent completed as at August 14,2019.”
In a frantic but desired effort to remain in business, the firm had petitioned the National Assembly’s ‘Committee on Public Petitions’ over the illegal seizure of Suru Worldwide Ventures Nigeria Limited by AMCON asking it, among others, to wade into the matter.
According to the Company, in a petition to the Honourable Speaker, Federal House of Representatives, Hon. Femi Gbajabiamila, dated August 1, 2019, it stated among other requests that , “AMCON is acting upon an illegally and fraudulently obtained order of the Federal High Court in Suit No: ‘FHC/ LCS/1059/ 2016 on 30/5/ 17 (without joining the owner of the property nor serving them), invaded their premises, at Allen Avenue, a five- Star Hotel, chasing away lodgers, including foreign tourists and diplomats.\
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However despite efforts made by Suru Worldwide Ventures Nigeria Limited for the peaceful resolution of the matter in the overall interest of Nigeria., the company regretted that it was miffed by a letter from a solicitor, acting on behalf of Infrastructural Development and Energy company Limited (IDECO), saying, “We write to inform you that having purchased the property at No: 12 Reverend Ogunbiyi Street, GRA, Ikeja (Property) from Asset Management Corporation of Nigeria (AMCON), our client is your new landlord. Pursuant to this, our client has instructed us to inform you that it wishes to set up a meeting with you so as to ascertain the status of your tenancy.”
Suru Worldwide Ventures Nigeria Limited wonders why a property that is on appeal at the Supreme Court under Appeals No: SC/1098/2019 (at the instance of AMCON, could be sold, even without disclosing the identities of the purported buyers.
“Leaving those vital issues and information to conjecture, no doubt, speaks about this purported sale transaction, ” the company said.
According to the Managing Director of Suru Worldwide Ventures Ltd. Edward Akinlade, and Company Secretary, Ayodeji Adewunmi, in a joint statement: “We have since drawn the attention of AMCON to the subsisting judgment in Appeals No: CA/L/86/18 SURU WORLDWIDE VENTURE NIGERIA LIMITED & ANOR v AMCON & ORS. Wherein the court of Appeals Lagos Division allowed our client Appeals and set aside the judgment of the Federal High Court of Nigeria rendered in AMCON’s favour in suit No: FHC/L/CS/450/11 BETWEEN SURU WORLDWIDE VENTURE NIGERIA LIMITED V ECO Bank Plc & AMCON wherein the Honorable court dismissed AMCON’s counter Claims for alleged indebtedness of our client to AMCON, AMCON has appealed the judgment to the court of Appeals No: CA/L/630/ 18 which appeal is still pending.
“Furthermore, in suit No: ‘’FHC / L/CS/218/2014 BETWEEN; AMCON V SURU WORLDWIDE VENTURE NIGERIA LIMITED”, the Honourable court also dismissed AMCON’s claims for the same alleged indebtedness of our clients.
“It is, therefore, baffling that despite this state of affairs, AMCON could bring itself to act in such flagrant breach of the law, disregard for subsisting judgment and utter contempt of pending proceedings . AMCON ‘s conduct , no doubt , constitutes a frontal affront to due process, which cannot be ignored.
“It is most regrettable that AMCON, being a product of Legislation and therefore law, will act in a way totally at variance with the rule of law and good corporate citizenship, suggesting that they are not believed in their own pending appeal not due process,” the statement read.
The company, which has so far won all its cases with AMCON, some of which were instituted by the loan recovery agency, and now awaiting Supreme Court ruling on an appeal by AMCON, is baffled that AMCON could be in a hurry to sell the company’s property in flagrant violation of due process.