AMCON wins Supreme Court case over N22bn sale of Lagos Continental Hotel
The Supreme Court has affirmed the powers of the Asset Management Corporation of Nigeria (AMCON) in the sale of the Lagos Continental Hotel in Victoria Island, Lagos, for N22 billion.
According to a report by The Nations newspaper on Monday, the apex court delivered its judgment on February 20, 2026, in favour of AMCON, bringing to an end a protracted legal battle involving Polaris Bank Limited, AMCON, 11 Hospitality Plc and Milan Industries Limited.
The dispute originated from a credit facility granted by the defunct Skye Bank Plc (now Polaris Bank) to Milan Industries Limited for the construction of the Lagos Continental Hotel. The loan later became non-performing, prompting AMCON to acquire the Eligible Bank Asset (EBA) from Polaris Bank in September 2018.
Prior to the acquisition, the bank had appointed Kunle Ogunba (SAN) as Receiver/Manager over Milan Industries Limited to recover the debt. Following the takeover of the asset, AMCON validated his appointment.
AMCON subsequently sold the hotel to 11 Hospitality Plc for N22 billion in exercise of its rights under the deed of legal mortgage securing the facility.
Dissatisfied with the sale, Milan Industries Limited filed a suit at the Federal High Court challenging AMCON’s action, but the court dismissed the case. The company successfully appealed the decision at the Court of Appeal.
However, AMCON challenged the appellate court’s ruling at the Supreme Court, which set aside the earlier judgment and upheld AMCON’s statutory powers.
In its decision, the Supreme Court held that the AMCON Act is a special legislation enacted to address challenges in the financial sector and should be interpreted accordingly. The court also affirmed AMCON’s rights as a mortgagee and upheld its authority to dispose of mortgaged assets where debts remain unpaid.
