The Supreme Court of Nigeria has struck out an appeal by the Asset Management Corporation of Nigeria (AMCON) in its longstanding legal tussle with Suru Worldwide Ventures Nigeria Ltd and its Managing Director, Edward Akinlade, over a disputed ₦24.6 billion debt.

Delivering judgment on Monday, July 7, 2025, the apex court held that the appeal, marked SC/CV/865/2021, was incompetent and accordingly struck it out. The lead judgment was delivered by Justice Uwani Musa Abba Aji and unanimously supported by Justices Ibrahim M. Musa Saulawa, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, and Abubakar Sadiq Umar.

“This notice of appeal, having been withdrawn for being incompetent, is hereby struck out,” Justice Abba Aji ruled, effectively bringing AMCON’s Supreme Court challenge to an end.

The protracted legal dispute began in 2011 when Suru Worldwide Ventures sued Oceanic Bank Plc (now Ecobank Plc) and the Central Bank of Nigeria (CBN), alleging mismanagement of its accounts and fraudulent debt restructuring. The company claimed that an initial ₦8.3 billion debt inexplicably rose to ₦24.6 billion by 2013 despite no new facility being granted. The CBN was later removed as a party to the suit.

In 2016, AMCON joined the case, claiming it had acquired the debt from Ecobank. Two days after its joinder, the corporation filed a counterclaim seeking ₦24.2 billion from Suru and Mr. Akinlade. However, the Federal High Court and the Court of Appeal dismissed the counterclaim, labeling it an abuse of court process due to multiple suits and prior failed claims.

Despite the appellate court’s ruling, AMCON escalated the matter to the Supreme Court in July 2021. At the hearing this month, the apex court upheld the lower courts’ findings and deemed the appeal incompetent.

AMCON was represented by Dr. Joseph Nwobike, SAN, alongside Kunle Gbolahan and Samuel Onah. Suru and Mr. Akinlade were represented by Layi Babatunde, SAN, and David Owoeye. Ecobank Plc had no representation at the hearing.

With this Supreme Court decision, Suru Worldwide Ventures has secured a major legal victory and is now pursuing fresh claims. The company has served AMCON with a pre-action notice demanding over ₦23 billion in special damages for the alleged wrongful takeover and destruction of its Best Western Hotel property on Allen Avenue, Ikeja, Lagos.

Suru alleges that the September 22, 2017, predawn operation by AMCON and security agents was based on a now-overturned court order. The company seeks a declaration nullifying any transactions conducted by AMCON on the property, an injunction against further interference, and ₦23.08 billion in compensation for financial loss, reputational damage, and asset destruction.

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