The Abuja Market Management Limited (AMML), managers of markets in the Federal Capital Territory (FCT) has solicited the intervention of the Presidency, National Assembly ànd the Inspector General of Police (IGP) to direct one Mr. Sadiq Abubakar Maina, Federal Capital Territory Administration (FCTA) andAbuja Investments Company Limited (AICL) to obey subsisting court orders in order to guarantee peace and tranquillity in the markets.
AMML also alluded to the alleged flouting of President Bola Ahmed Tinubu’s recent directive dissolving all boards of federal agencies.Legal consultant to AMML, Kunle Kolawole and the Company’ Secretary/Legal Adviser, Edache Abuh Felix made the call during a joint press conference in Abuja at the weekend.
According to Kolawole, despite three subsisting court judgements by the Federal High Courts and National Industrial Court affirming the position of Alhaji Abubakar Usman as the substantive managing director of AMML, the AICL, FCTA and Maina had acted in the breach.
Tendering certified true copies of court judgments to buttress his point, he stated that a Federal High Court, Abuja Division presided over by Justice D.U. Okonkwo had on July 10, 2023 delivered its judgment which affirmed Alhaji Abubakar Usman as the bonafide/substantive managing director of AMML“By the same judgment, the Board of Directors AMML, reconstituted by the Minister of FCT under the chairmanship of Mr. Abubakar Sadiq Maina was nullified and set aside as illegally and unlawfully reconstituted.
“It is worthy of note that this judgement has not been set aside by any competent court of law, neither is there any order for stay of execution of the judgment by any court of competent jurisdiction till date.
“Besides the above, on 26th July , 2023, the National Industrial Court entered another judgment, in the suit of Alh. Abubakar Usman Faruk vs. Minister of the Federal Capital Territory, Federal Capital Territory Administration, AMML and AICL with suit No. NICN/ABJ/62/2023, based on the terms of settlement adopted by Alh. Abubakar Usman Faruk and AMML, by which the position of Alh. Abubakar Usman Faruk as the managing director was further confirmed,” Kolawole said.
He traced the current impasse three years back when the substantive Managing Director of AMML, Alhaji Abubakar Usman Farouk was unilaterally redeployed by the immediate-past Minister of the FCT, Mohammed Bello without recourse to and guidance by the guiding laws of corporate governance in Nigeria.
AMML, he argued, was established by way of incorporation as a distinct legal entity with full legal rights and obligations and guided by corporate governance procedures encapsulated in the Companies and Allied Matters Act (CAMA, 2020 as amended), with Abuja Investment and Property Development Company Limited (AIPDC) as the majority shareholder in the company.
As a registered company, he stated that the appointment of the membership of the board of directors of AMML and their removal is regulated by CAMA principally among any other ancillary corporate governance rules.
Noting that the position of the Managing Director, Chief Executive Officer AMML is well defined and regulated under CAMA, he added that the appointment, suspension and removal of the AMML chief executive can only be done at its general meeting of the shareholders or in certain circumstances, by the Board of Directors, properly constituted in accordance with law and in a sitting for that purpose.
However, he stressed that the same former FCT Minister also unilaterally reconstituted the Board of Directors of AMML, bringing in Mr. Abubakar Saidiq Maina as the Chairman Board of Directors and others as directors, without recourse to due process as laid down by CAMA and other statutory instruments in that regards.
He cited several alleged illegalities perpetrated by the AICL and FCTA, including what he described as unlawfully holding a general meeting of the members of AMML on July 17, 2023 where a supposed decision to terminate the appointment of Faruk was allegedly taken, although none of the members on record was at the meeting.
Also cited was the forceful take over of all AICL markets, including but not limited to Wuse and other markets, which are under the lawful management of AMML, and the creation of a parallel compqny by the AICL using some former staff of both AICL and AMML to disrupt the organisational management of AMML and her operations.
According to Kolawole, the AICL and FCTA had also violated court orders/judgments.
These included the judgment of the Federal High Court of July 10, 2023; judgment of the National Industrial Court of July 20, 2023,and a July 26, 2023 court order voiding the purported termination of Faruk’s appointment, as well as order for the status quo to be maintained dated August 10, 2023.
