Supreme Court Upholds AMCON's Sale of Lagos Hotel
The Supreme Court of Nigeria affirmed the Asset Management Corporation of Nigeria's (AMCON) sale of the Lagos Continental Hotel, concluding a lengthy legal dispute involving Milan Industries Ltd. and Polari Bank. The case stemmed from a loan agreement for the hotel’s construction, which became non-performing, leading AMCON to acquire the assets of the defunct Skye Bank PLC.
In September 2018, AMCON appointed Kunle Ogunba, SAN, as the receiver-manager for Milan Industries Ltd. Following the acquisition, AMCON sold the hotel for N22 billion.
Milan Industries Ltd. challenged this sale in court, but the Federal High Court dismissed their suit. Dissatisfied, Milan Industries appealed, but the Court of Appeal ruled in favor of AMCON.
The Supreme Court's final ruling on February 20, 2026, upheld AMCON's authority to dispose of mortgaged assets, exempting it from stamp duties and confirming its rights over the mortgage despite outstanding debts.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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