The Federal High Court, Ikoyi, Lagos, presided over by the Honourable Justice Buba, will deliver judgment in the case instituted by human rights activist, Ebun-Olu Adegboruwa, challenging the appointment of members of the Management Board of the Asset Management Company of Nigeria, AMCON, on September 26, 2016, at 9am.
The case was filed in August 2015, to challenge the appointment of Mr. Kola Ayeye, Eberechukwu Uneze and Aminu Ismail as directors of AMCON by Gen Muhammadu Buhari Rtd. The case seeks the interpretation of the court as to whether the President can appoint anyone as director of AMCON without complying with section 10 (1) (C) of the AMCON Act, 2010.
This law stipulates that the board of AMCON shall be appointed by the President subject to the confirmation of the Senate after they have been nominated by the Central Bank of Nigeria in consultation with the Minister of Finance. At the time of their appointment in August, 2015, there was no substantive minister of finance in Nigeria.
The defendants in the suit are the President, the Attorney General of the Federation, AMCON and the three directors so appointed. Upon being served with the court processes, the Attorney-General filed a counter-affidavit through Miss Felicia Des Bordes, a Litigation Officer in the Ministry of Justice, on 8th January 2016, accompanied with a written address by counsel in the Attorney-General’s Chambers Mr. Mubarak Egbeyemi.
On its part, AMCON filed a preliminary objection to the suit, through Adeniyi Adegbonmire, SAN of Aluko and Oyebode Law Firm on 25th February 2016, contending that Mr. Adegboruwa lacks the locus standi to institute and maintain the case in court.
The court heard arguments from counsel to the parties and adjourned for judgment, which will now be delivered on Monday, 26th September 2016.