By Evelyn Usman

Suru Worldwide Ventures Nigeria Limited has alerted the National Assembly over alleged forceful takeover of its multi billion naira property in Lagos, by the Asset Management Corporation of Nigeria AMCON, calling on its intervention.

The alleged forceful takeover followed a business deal that went awry between the company and the defunct Oceanic bank Plc which facilitated a loan procurement amounting to billions of naira, to the former.

Consequently, the company which owns Best Western Lagoss Hotel, Ikeja , Opebi Hotel projects, Ikeja, Government Reservation Area Land, Lagos State and Ikeja GRA Town Houses, has been battling the defunct Oceanic Bank and its successor, Eco bank Plc and AMCON, seeking their faces to remain in business.

The company in a petition to the Speaker, Federal House of Representatives, Hon Femi Gbajabiamila, stated 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 the premises, at Allen Avenue, a five- Star Hotel, chasing away lodgers, including foreign tourists and diplomats”.

Lamenting the impact of the loan repayment to the defunct Oceanic Bank Plc, the company disclosed that it had to down size its manpower strength from 2000 to 250.

While appealing to its creditor Bank (Oceanic Bank), to look into its loan repayments effort, the Lagos State firm in one of its letter to AMCON, entitled: “Re: The Matter of Loan account of Suru Worldwide Nigeria Ventures Limited with Oceanic Bank International plc’ , said “We write in respect of Suru Worldwide Ventures Nigeria Limited (“The Company” ) loan accounts with Oceanic Bank International Plc (“The Bank”), which we understand has been sold to Asset Management Corporation of Nigeria (AMCON ) as a non- performing loan.

‘The bank / Customer relationship between the bank and the company, commenced in August 2017, with the bank issuing a total of N10.204 billion loan facilities of the company from a total of approved loan facilities of N13bn from the said period till date”

The letter jointly signed by the Managing Director of Suru Worldwide ventures Nigeria Limited, Edward Akinlade and the Company Secretary Ayodeji Adewunmi, to AMCON, further stated that , “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 on 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.

“Considering this position and the desire of AMCON to see genuine business flourish, we hereby appeal for the below stated measures aimed at protecting the interests of all parties. “

They expressed shock that despite efforts made by the company for the peaceful resolution of the matter in the overall interest of Nigeria, the company received a letter from a Solicitor acting on behalf of Infrastructural Development and Energy company Limited (IDECO), informing them IDECO had purchased the property in question, “ 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.”

Dissatisfied with this position, Suru Worldwide Ventures Nigeria Limited, through its Lawyer ,Layi Babatunde , a Senior Advocate of Nigeria,SAN informed that “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

However, justifying AMCON’s action, its Group Head, , Enforcement, Mr Joshua Ikioda , stated among other reasons that “By virtue of the terms of mortgages and the facility letters issued severally by the Bank, the monies and liabilities thereby secured became due and payable , but the borrower/mortgagor under the mortgage, Suru Wodwide Ventures Nigeria Limited , refused and failed to discharge the outstanding indebtedness despite several demands by the bank”.