Abuja Markets Management Limited (AMML has announced the sacking of its Managing Director, Abubakar Usman Faruk, following some litigation occasioned by the leadership crisis rocking the company.

Faruk had recently approached the Federal High Court in Abuja to challenge the legality of the newly reconstituted Board of AMML, which affected his position.

But the Federal High Court granted the prayers of Abubakar Faruk on July 11, 2023, in a ruling recognizing him as a director of the Company, amongst other reliefs.

However, the shareholders, in a meeting on Monday, unanimously resolved to relieve Usman Faruk of his position as the Managing Director and CEO of Abuja Markets Management Limited with immediate effect.

The acting Managing Director/CEO, Abbas Yakubu, who confirmed the development to journalists shortly after the meeting, said Faruk would, however, remain one of the directors of the Company.

According to him, the shareholders were miffed by the effrontery of the sacked MD to challenge their authority as the ultimate owners of the Company, lamenting that he had enjoyed a rare privilege as the longest-serving head of any FCTA-owned Company.