Unless the National Assembly and the Presidency quickly wade into the current crisis rocking the Abuja Markets Management Limited (AMML), the situation could stultify the achievement of the objectives for which the company was established.
The AMML, which was conceived by the Federal Capital Territory Administration (FCTA) during the tenure of Mallam Nasir el-Rufai as Minister, has been embroiled in a serious crisis with its major shareholder, the Abuja Investment & Property Development Company (AIPDC) Limited since 2021.
The crisis, which has lingered for three years even in the face of multiple court orders, has already led to loss of revenue running into hundreds of millions of Naira.
At centre of the crisis is the unilateral redeployment of the substantive Managing Director of the AMML, Alhaji Abubakar Usman Faruk from the company by the immediate past Minister of the FCT, Mallam Muhammad Bello, without recourse to the laws and regulations enshrined in the Companies and Allied Matters Act (CAMA, 2020 as amended).
Speaking to journalists in Abuja on Friday, the the Legal Consultant of the AMML, Kunle Kolawole, also believed it had become necessary for the FCTA to call to order any person or group of persons causing the prolonged crisis and confusion in the company.
According to Kolawole, the management crisis had impacted negatively on the AMML, one of the major revenue generating companies established by the FCT.
He accused the Group Managing Director of Abuja Investments Company Limited (AICL), Mr Abubakar Maina, and his cohorts of frustrating the operations of AMML against valid court judgment and order.
According to a report by the News Agency of Nigeria (NAN), Justice Donatus Okorowo of a Federal High Court, Abuja had nullified the redeployment of Alhaji Abubakar Faruk, the Managing Director (MD) of AMML, by the immediate-past Minister of FCT, Mohammed Bello.
The judge also nullified the reconstitution of the AMML Board of Directors chaired by Mr Maina on Feb. 21 by the ex-minister on the grounds that it contravened the CAMA, 2020.
Besides, Justice R.B. Haastrup of the National Industrial Court, Abuja, on July 26, also nullified the termination of Faruk’s employment by Maina on behalf of AMML’s shareholders against a valid court judgment.
Kolawole, however, said that the decision of the embattled MD to challenge his redeployment and the reconstitution of the AMML board, “both done illegally, did not go down well with the powers that be in the FCT, specifically, by some staff of the FCT administration and the AICL, who viewed the court action as a challenge to their powers and authorities.”
He alleged that Maina convened an unlawful general meeting of members of AMML on July 17 where a supposed decision to terminate Faruk’s appointment was taken.
He said the purported termination letter was published in national dailies.
Besides, he said Maina wrote to bankers of AMML to “freeze/PND the AMML accounts with the aim of crippling its operations and makes it difficult for AMML to fulfil its operations and its tax obligations to government.”
The lawyer, who alleged that there had been sponsored defamatory media campaign against AMML and its MD, said meetings were also held with traders with a view to inciting them against the company.
Kolawole said “the escalating lawlessness of Maina has led him into constituting himself and his company secretary as the board of AICL despite a clear presidential order dissolving the said board.”
The AMML Legal Adviser, Mr Felix Edache, said President Tinubu, in a letter dated June 27, directed the dissolution of the boards of Federal Government parastatals, agencies, institutions and government-owned companies.
Edache alleged that despite the directive, Maina continued to sign AMML board resolution, even against court order.
“We humbly appeal to the incoming minister of FCT, the National Assembly, the IGP and the Presidency to direct Mr. Sadiq Abubakar Maina, FCTA (Federal Capital Territory Administration) and AICL to simply obey court orders and allow peace and tranquility in our markets and FCT,” he said.(With additional report by NAN)
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