Federal High Court in the Federal Capital Territory (FCT) under Hon. Justice M.Ö. Olajuwon has declared the sack of the former managing director of AMAC Investments and Property Development Company (IPDC) as unlawful, null, and void.
In a judgement delivered by Justice Olajuwon on January 16, 2023, between Hon. Yakubu Adamu and the immediate past chairman of AMAC, Hon. Abdullahi Adamu Candido and AMAC-IPDC, the court declared that they cannot lawfully remove Yakubu Adamu as director of AMAC-IPDC.
The court also declared that the decisions taken at the AMAC-IPDC board of directors meeting held on August 31, 2021, to revoke the appointment of Hon. Adamu as managing director/chief executive officer is wrongful, unlawful, invalid, null and void, and incapable of having any legal consequence.
Also, any purported implementation of the outcome of the AMAC-IPDC board meeting of August 31, 2021, including constituting of a caretaker/interim management or otherwise by whatever name or appellation called to manage the affairs of AMAC-IPDC is unlawful, null, and void.
According to the judgement, “a declaration that the decisions taken at AMAC-IPDC Board of Directors’ meeting held on August 31, 2021, revoking the appointment of Adamu as the managing director/ chief executive officer of AMAC-IPDC is null and void and of no legal consequence.
“A declaration that any purported implementation of the outcome of the AMAC-IPDC board meeting of August 31, 2021, including the constitution of a caretaker/interim management or otherwise by whatever name or appellation called, to manage the affairs of the AMAC-IPDC, is unlawful, null, and void.”
The court also gave an order of injunction restraining the former chairman and AMAC-IPDC from giving effect or continuing to give effect to any of the decisions taken at the Board Meeting of AMAC-IPDC held on August 31, 2021, which meeting has been declared a nullity by the court.
Adamu who commended the judgement expressed gratitude to Justice Olajuwon for being fair in giving justice to the case, saying that his share of the company as a shareholder has been restored by the court.
“I am happy that the court has given me victory and declared that I am still a shareholder of AMAC-IPDC and that all the benefits that I am supposed to benefit from when I was wrongfully removed till today be paid. I am very grateful to the court for the judgement,” he said.
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