Abstract: 

The irrefutable position of the law is that upon incorporation, a company becomes a body corporate. The implication of this is that such company acquires a separate legal personality with autonomous identity. This separate legal personality flows with several incidences but it is not iron cast. In certain instances the law ignores this separate legal personality by lifting the corporate veil. It was against this backdrop that this paper examined one of the numerous, but not often remembered, instance where the common law doctrine of separate legal personality has been dismantled under Nigerian corporate law. This was the position of the Court of Appeal in G.G.S. & L Ltd v 2 Ors. v AMCON & Anor (infra) where the Court held that by virtue of Section 34 and 61 of the Asset Management Corporation of Nigeria Act 2010 (as amended), all transactions involving recovery of debts assigned to AMCON are removed from the common law principle of separate legal personality between a company and its directors. By explaining the fine details of this decision, this paper, adopting the doctrinal research methodology, sought to bring the current pronouncement of the Court of Appeal to the notice of the general public. This paper concludes thathat the Asset Management Corporation of Nigeria Act 2010 (as amended) has lifted the veil of Incorporation and departed from the common law distinction between the debt or liabilities of a company and that of its directors.