The Supreme Court has dismissed an appeal by the Asset Management Corporation of Nigeria (AMCON) in its legal dispute with Suru Worldwide Ventures Nigeria Ltd and its Managing Director, Mr. Edward Akinlade, over a disputed debt of N24.6 billion.
Justice Uwani Aji announced the ruling, stating that the notice of appeal was incompetent and had been withdrawn, effectively ending AMCON’s attempts in this case.
The legal battle began in 2011 when Suru Worldwide Ventures sued Oceanic Bank Plc (now Ecobank) for alleged mismanagement of its account.
Suru claimed its account, initially in credit, was manipulated, causing a debt that grew from N8.3 billion in 2012 to over N24.6 billion by 2013, despite no new loans being issued. The Central Bank of Nigeria was later removed as a party in the case.
AMCON entered the fray in 2016, claiming to have purchased the disputed debt from Ecobank and was joined as a co-defendant.
Frustrated by these rulings, AMCON appealed to the Supreme Court in July 2021. However, the appeal was dismissed on Monday for being incompetent.
