CAUSE OF ACTION – TIME WITHIN WHICH THE CAUSE OF ACTION ON THE ACQUISITION OF ELIGIBLE BANK ASSET MAY ACCRUE
"It seems to me from the clear wordings of Section 35(5) of the AMCON Act, that the draftsmen thought is right and for good reason, to explicitly state the when the cause of action in relation to the acquisition of eligible bank asset may arise or accrue. As a matter of fact, the section leaves no one in doubt that "time shall begin to run and the cause of action deemed to arise, from the date of the purchase of the eligible bank asset." By this statutory intervention encapsulated in Section 8(1)(a) of the Limitation Law and Section 35(5) of the AMCON Act, an action predicated upon the acquisition of eligible bank asset must then be commenced, within 6 (six) years of the acquisition of the eligible bank asset(s) by the Respondent. But that is not the end of the matter, it is my view, which I believe to be the correct one that even though the combined effect of provisions of section 8(1)(a) supra has adequately provided for when time shall begin to run and the cause of action deemed to arise, the provision of Section 38 of the Limitation Law clearly permits of certain exception to the general provision of section 8(1)(a)."
PER A.O.OBASEKI-ADEJUMO, J.C.A in the case of
MYEKO NIGERIA LTD &2 ORS. V. ASSET MANAGEMENT CORPORATION OF NIGERIA
APPEAL NO: CA/L/171/2018
LEGALPEDIA ELECTRONIC CITATION: LERCA/L/171/2018