Supreme Court affirms AMCON’s ₦22bn sale of Lagos Continental Hotel

The Supreme Court of Nigeria has brought an end to a protracted legal battle over the ownership and sale of the Lagos Continental Hotel, ruling in favor of the Asset Management Corporation of Nigeria (AMCON).

In its judgment delivered on Friday, February 20, 2026, the apex court set aside an earlier decision by the Court of Appeal and affirmed the ₦22 billion sale of the luxury property to 11 Hospitality Plc.

The dispute originated from a credit facility advanced by the defunct Skye Bank Plc (now Polaris Bank Limited) to Milan Industries Limited for the construction of the hotel in Victoria Island, Lagos.

After the loan became non-performing, AMCON acquired the Eligible Bank Asset (EBA) from Polaris Bank in September 2018. Prior to this acquisition, the bank had appointed Kunle Ogunba, SAN, as Receiver/Manager to recover the debt. AMCON subsequently validated this appointment and proceeded to dispose of the hotel to 11 Hospitality Plc under the powers granted by the registered Deed of Legal Mortgage.

Milan Industries Limited initially challenged the sale at the Federal High Court in suit FHC/L/CS/1643/2020, but the case was dismissed. The obligor then successfully appealed at the Court of Appeal, which ruled in its favor, prompting AMCON to take the matter to the Supreme Court for a final determination.

In its landmark ruling, the Supreme Court emphasized that the AMCON Act is a specialized piece of legislation designed by the National Assembly to address unique challenges within the financial industry.

The court held that the Act must be interpreted in a manner that reflects its special nature. Specifically, the apex court affirmed Section 60 of the AMCON Act, which exempts the corporation from paying stamp duties, and validated AMCON’s rights as a mortgagee regardless of the up-stamping status of the mortgage documents.

The justices further ruled that as long as a debt remains outstanding, AMCON maintains a continuing security interest in the mortgaged assets. By upholding the sale, the Supreme Court has reinforced AMCON’s statutory powers to dispose of collateral to recover public funds, effectively laying the long-standing controversy to rest.