Article in Press
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Abstract
Rules of natural justice are critical to administration of justice and the tenets of the rule of law which are the bedrock of Nigeria’s constitutional democracy. These rules are copiously captured in the 1999 constitution of Nigeria as amended under the right to fair hearing which forbids one from being a judge in his own cause, and that no one should be condemned or unheard. Without any doubt, these rules represent the hallmark of due process and fair hearing traceable to the natural law doctrine which modern societies pride themselves to promote. However, the Asset Management Corporation of Nigeria Act provides for special recovery procedures of huge bank loans which have accumulated over the years and become non performing. The Asset Management Corporation of Nigeria (AMCON) was established as a special purpose vehicle with special powers under judicial cover, to seize assets and freeze accounts of these debtors through exparte applications without recourse to them, all in a bid to recover these bad loans. This special procedure has generated a lot of concerns and raised a number of legal questions as to the legality of the provisions. This paper therefore seeks to address the legal and constitutional issues thrown up by these unique recovery powers. It appraises the legality of the AMCON Act in light of the constitutional provisions and judicial pronouncements on the issue. The paper concludes that the court has the sacred responsibility to assert the supremacy of the constitution with certainty and ensure that AMCON discharges its mandate in accordance with the rule of law without compromising individual rights.
