AMCON Shake-Up Takes New Twist, As Adegboruwa Drags Buhari, Others To Court

Posted by African Examiner Latest Headlines, News Monday, August 24th, 2015

By Niyi Adeyi – The sack last week Wednesday, by President Muhammadu Buhari of the immediate past Managing Director of the Asset Management Company of Nigeria (AMCON), Mr. Mustafa Chike-Obi, has taken a new dimension, as a prominent Nigeria Legal Practitioner, Mr. Ebun-Olu Adegboruwa, has filed a suit before a Federal High Court in Lagos, against the development.

The plaintiff who listed in the suit, President Buhari; the Attorney-General of the Federation; Asset Management Corporation of Nigeria (AMCON); the newly appointed Directors including: Kola Ayeye; Eberechukwu Uneze and Aminu Ismail, as the first to sixth respondents respectively, claimed to be aggrieved and concerned with the appointment of the 4th, 5th and 6th respondents as Executive Directors of the 3rd respondent, by the 1st respondent.

Adegboruwa argued that the appointment of the new Chief Executive contravened the provisions of the AMCON Act 2010, which also prompted points for determination of some salient questions.

According to the plaintiff, issues for determination in the suit include: whether the appointment of the 4th-6th respondents as Executive Directors of the 3rd respondent by the 1st respondent was done in accordance with the provisions of the AMCON Act 2010 and if the appointment of the 4th-6th respondents as Executive Directors of the 3rd respondent by the 1st respondent was “lawful and valid”

Consequently, the complainant is seeking the court’s reliefs against the respondents, with respect to a declaration that the 1st respondent could not appoint anyone, including the 4th-6th respondents, as Executive Directors of the 3 rd respondent, “without complying with Section 10(1)C of the Asset Management

Corporation of Nigeria Act, 2010″.

Also reliefs are sought following a declaration that the 1st respondent “cannot appoint the 4th-6th respondents as Executive Directors of the 3rd respondent, withoutcomplying with section 10(1) C of the Asset Management Corporation of Nigeria Act 2010”.

Similarly listed for grounds of reliefs against the respondents were: “a declaration that the appointments of the 4th-6th respondents as Executive Directors of the 3rd respondent, having been made without complying with section 10(1)c of the Asset Management Corporation of Nigeria Act 2010, are illegal, unconstitutional, null and void and of no effect whatsoever.

“An order, forthwith nullifying, annulling, voiding, cancelling and invalidating the appointments of the 4th-6th respondents as Executive Directors of the 3rd respondent, having been made without complying with section 10(1)c of the Asset Management Corporation of Nigeria Act 2010.

“A Perpetual Injunction restraining the 4th-6th respondents from functioning as or further functioning as, from acting as or from further acting as, from parading or holding out themselves or further parading or holding out themselves as Executive Directors of the 3rd respondent in gross violation of 10(1) C of the Asset Management Corporation of Nigeria Act 2010” contended the prominent lawyer, who also swore in to affidavit in support of the originating summons.