The Registered Trustees of the Proactive Shareholders Association of Nigeria and that of Truth and Transparency Initiative, on Wednesday, dragged the President of the Federal Republic of Nigeria, Central Bank of Nigeria (CBN) and four others to a Federal High Court sitting in Abuja over alleged inconsistency in  the Asset Management Corporation of Nigeria (AMCON) Act 2010.

The suit, which was filed by counsel for the plaintiffs, Nnodu Okeke, is praying the court for a declaration  that the provision requirement of AMCON Act 2010 is inconsistent with the 1999 Constitution and the fundamental rights provision of the constitution, especially the right to fair hearing and, therefore, null and void.

Other respondents in the suit were Attorney-General of Federation (AGF), the President of the Senate, the Speaker of the House of Representatives and Asset Management Corporation of Nigeria.

The plaintiffs are also praying the court for a declaration that the provisions and requirement of the Act are repugnant to common sense, inhibit the spirit of free and commercial enterprise and therefore, illegal.

The group further wants the court to declare, among other things, the enactment of AMCON Act 2010 as ultra vires, the powers of the National Assembly as being inconsistent with the requirement of fair hearing as enshrined in the constitution and, therefore, null and void.

In the alternative, the plaintiffs are seeking a declaration of the court that AMCON Act 2010 in so far as it does not give banks or their shareholders or directors the opportunity to be heard in the deliberations of the Asset Management Corporation of Nigeria concerning the banks, is null and void.