Court Restrains AMCON From Interfering With Possession Of Prime Property

Channels Television  
Updated July 25, 2020


The Federal High Court sitting in Lagos has restrained the Asset Management Company of Nigeria (AMCON) and it’s receiver-manager, Lanre Olaoluwa from interfering with the possession of a prime property located at 98, Kudirat Abiola Way and occupied by an Indian company, Global Sterling Products Limited.

The court restrained the receiver-manager pending the determination of the suit.

Justice Chukwujekwu Aneke made the order after listening to the submissions of lawyers in a suit between the company, 26 other defendants and AMCON who is listed as the claimant/applicant.

Following the courts order, some members of management and staff of the company have staged a protest demanding that their company be opened.

They say that their families are suffering as they have been unable to work and earn a living following the closure of their company by officials of AMCON since the 6th of March.

AMCON on its part, says it immediately filed an appeal as well as an application for stay of the court’s order.

Read Also: AMCON Takes Over 30 Hectares Of Land At Isheri-OPIC

The company also says it did this because the warehouse at No. 98 Kudirat Abiola Way belongs to a director of a Debtor Company with an alleged indebtedness of over N8bn.

Through its lawyers, Global Sterling Products Limited, has filed a notice of consequences of disobedience to order of the court against the Managing Director of AMCON, Ahmed Kuru and the receiver-manager for allegedly disobeying the order of the Federal high court in Lagos.

The company say that it is not owing AMCON as the property was legitimately purchased.