Abubakar Usman Faruk, the managing director of Abuja Markets Management Limited, has been fired as a result of certain lawsuits brought on by the organization’s ongoing leadership issue.
Faruk recently filed a lawsuit against the newly reconstituted Board of AMML, which had an impact on his position, before the Federal High Court in Abuja.
However, on July 11, 2023, the Federal High Court approved Abubakar Faruk’s requests, among other reliefs, by recognizing him as a director of the Company.
However, Usman Faruk was unanimously removed from his role as managing director and CEO of Abuja Markets Management Limited by the shareholders during a meeting on Monday.
Faruk will nevertheless continue to serve as one of the company’s directors, according to Abbas Yakubu, the acting Managing Director/CEO, who told journalists about the development shortly after the meeting.
He claimed that the shareholders were incensed by the fired MD’s audacity to question their status as the Company’s ultimate owners, regretting the fact that he had benefited from a unique privilege as the leader of any FCTA-owned Company with the longest tenure.