Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel

The Supreme Court’s recent ruling marks the final resolution in a prolonged legal dispute over the Lagos Continental Hotel (also referred to as Lagos Intercontinental Hotel), a prominent five-star luxury property on Victoria Island, Lagos.

In a judgment delivered on February 20, 2026, a five-member panel of the apex court, led by Justice Kudirat Kekere-Ekun, upheld the Asset Management Corporation of Nigeria (AMCON)‘s sale of the hotel for approximately ₦22 billion (equivalent to about £10.5 million at the time of reporting). The court dismissed appeals from the former owners, affirming AMCON’s statutory powers to dispose of the asset as part of recovering non-performing loans. This decision prioritizes public interest in debt recovery and financial accountability in Nigeria’s banking sector.

Key Background

• The hotel was originally developed by Milan Industries Limited, owned by Indian businessman Ramesh Valechha.
• Milan Industries secured a substantial credit facility from the defunct Skye Bank Plc (now Polaris Bank Limited) to fund the hotel’s construction, with the property serving as collateral under a registered deed of legal mortgage.
• Due to default on repayments (with debts reportedly exceeding ₦40 billion), AMCON acquired the eligible bank asset (EBA) in 2019.
• AMCON appointed a receiver/manager (Kunle Ogunba, SAN) and proceeded to sell the hotel to 11 Hospitality Plc (a consortium) for ₦22 billion to recover the outstanding obligations.
• The former owner challenged the sale through various courts, leading to conflicting decisions at lower levels (including a Court of Appeal ruling that initially favored Milan Industries), before the matter reached the Supreme Court.

The apex court’s affirmation validates the transaction, clears any remaining legal clouds over the buyer’s ownership, and reinforces AMCON’s mandate to manage and dispose of distressed assets acquired from Nigerian banks.

This outcome is seen as a major win for AMCON in its broader efforts to address bad debts and stabilize the financial system. The hotel, a landmark in Lagos’ hospitality scene, now stands firmly under new ownership following years of litigation.