Supreme Court Upholds AMCON’s N22bn Sale of Lagos Continental Hotel, Indian Billionaire Loses Ownership Battle
An Indian billionaire has lost the long-running legal battle over the ownership of the five-star Lagos Continental Hotel after the Supreme Court of Nigeria upheld the sale of the luxury property by the Asset Management Corporation of Nigeria (AMCON).
The apex court affirmed AMCON’s authority to dispose of the high-profile hotel for about ₦22 billion as part of efforts to recover outstanding debts tied to the property. The ruling effectively ends years of legal disputes surrounding the ownership and control of the landmark hotel located in Lagos.
AMCON had taken over the asset after financial obligations linked to the hotel reportedly remained unpaid. The agency subsequently arranged the sale of the property to recover the debt, a move that was challenged in court by the former owner.
However, the Supreme Court ruled in favour of AMCON, confirming that the corporation acted within its legal mandate in selling the hotel. The judgment clears the final legal hurdle and secures the transaction carried out by the debt recovery agency.
The decision marks a significant victory for AMCON in its ongoing campaign to recover non-performing loans and enforce financial accountability within Nigeria’s banking and corporate sectors.
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