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

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

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Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Tabithatim(op): 5:32am On Mar 17

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.

https://applesbite.com/supreme-court-upholds-amcons-n22bn-sale-of-lagos-continental-hotel-indian-billionaire-loses-ownership-battle/

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Kpilo101: 6:04am On Mar 17

Nigerians.will still blame TINUBU.
E remain arise TV own.

11 Likes 1 Share

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by kulekaa(m): 6:05am On Mar 17

Great, this is a landmark judgment

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Benwallt(m): 6:07am On Mar 17

I thought obidrunks said Na Tinubu owned the hotel

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Denalarian: 6:09am On Mar 17

Kpilo101:
Nigerians.will still blame TINUBU.
E remain arise TV own.

Before nko? Who is to blame? I'm 85% sure the hotel was sold to him or his cohort

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by jeff1993: 6:10am On Mar 17

Good for them... Na die Dem dey

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Openyamind111(m): 6:12am On Mar 17

Kpilo101:
Nigerians.will still blame TINUBU.
E remain arise TV own.

Nigerians Abi some set of Nigerians?

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Omihanifa: 6:18am On Mar 17

The federal government should turn the hotel to an hospital

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by lebienconnu(m): 6:22am On Mar 17

Denalarian:
Before nko? Who is to blame? I'm 85% sure the hotel was sold to him or his cohort

They have come. Obidense, indeed.

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by bukitt: 6:33am On Mar 17*

Denalarian:
Before nko? Who is to blame? I'm 85% sure the hotel was sold to him or his cohort

Make una try dey shut up. Lagos Intercontinental hotel is different from Oriental hotel wey una dey claim say be Asiwaju own.

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by OlujobaSamuel: 6:35am On Mar 17

Who is this applesbite blogger sef, the quackery is too much Na.
You posted a news report on one Russia prog few days ago, the thing long like novel with no substance, you dey post another report now, this one short but no background to the case, who is the Indian, since when, what was the lower court ruling, which bank was he owing, etc
Everyone wan open laptop to dey report Wetin dem no know

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by atobs4real(m): 6:37am On Mar 17

One of the modern hotel has gone under the carpet. Sorry to the former owner

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Fearurcreeator: 6:46am On Mar 17

Denalarian:
Before nko? Who is to blame? I'm 85% sure the hotel was sold to him or his cohort

So no be Obi buy am bah, lolxxxx

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Tareq1105: 6:52am On Mar 17

Benwallt:
I thought obidrunks said Na Tinubu owned the hotel

You know that Tinubu is their nightmare.

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by DeclanR(m): 6:54am On Mar 17

OlujobaSamuel:
Who is this applesbite blogger sef, the quackery is too much Na.
You posted a news report on one Russia prog few days ago, the thing long like novel with no substance, you dey post another report now, this one short but no background to the case, who is the Indian, since when, what was the lower court ruling, which bank was he owing, etc
Everyone wan open laptop to dey report Wetin dem no know

Hellooo, Good morning Sir

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Dreal1247: 6:54am On Mar 17

Half cooked news. Who was the former owner? What is the legal history? What are the points that led to the final judgement? Who are the lawyers and and the presiding judge?

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Bluntemperor: 7:00am On Mar 17

It's Unfortunate that even AMCON Itself became a Disgraced Entity when the MD was equally Accused of Multi-dimensions Corruption till today,the Corporation is yet to come Clean!
Just imagine,an Organization whose mandate was to Collect Money and build a Trust around other Organizations became Enmeshed too in Corruption.
We are not Serious in this Country!

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by femi4: 7:03am On Mar 17

So unfortunate..such edifice is gone

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by RichDad1(m): 7:03am On Mar 17

I remembered when some people claimed Tinubu owned this hotel years ago.

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by grandstar(m): 7:05am On Mar 17

When was it sold for 22bn is what i need to know.

If it was sold for 22bn in 2015, that would mean around $110m as the exchange rate hovered around $1 - N200 then.

However if it was sold for 22bn this year, that would it waa sold for around $15m in today's money. This should be considered as fraudulent.

I suspect AMCON might been "persuaded" to sell it for that price to a well connected individual.

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Shedrack777: 7:12am On Mar 17

I blame tinubu for this. tinubu is at fault here

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Blackdisciple(m): 7:16am On Mar 17

Them don collect this one too....

Na so Grass don dey full NESTOIL for the same V.I

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Bluntemperor: 7:32am On Mar 17

bukitt:
Make una try dey shut up. Lagos Continental hotel is different from Continental hotel wey una dey claim say be Asiwaju own.

God bless you for making a difference between the 2- Hotels 🙏.
Anyway,Some People Will Eventually Blame Tinubu for Not Allowing them to Sleep with to their Wives!
The level of hates in a Particular Region is just unimaginable!

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by ogaontop(m): 7:38am On Mar 17

Benwallt:
I thought obidrunks said Na Tinubu owned the hotel

Lagos Continental Hotel is different from Continental Hotel allegedly claimed to be owned by Tinubu!
Any which way, the owner of one should legally go for the other to avoid all these name confusion

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by odaniel1(m): 7:44am On Mar 17

grandstar:
When was it sold for 22bn is what i need to know.

If it was sold for 22bn in 2015, that would mean around $110m as the exchange rate hovered around $1 - N200 then.

However if it was sold for 22bn this year, that would it waa sold for around $15m in today's money. This should be considered as fraudulent.

I suspect AMCON might been "persuaded" to sell it for that price to a well connected individual.

Your analysis opened my eyes. $110m vs $15m years later is mind blowing.
I wonder what economists have to say regarding the future value of money principle

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Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Misterone: 7:45am On Mar 17

Tabithatim:
Supreme Court Upholds AMCON’s N22bn Sale of Lagos Continental Hotel, Indian Billionaire Loses Ownership Battle

https://applesbite.com/supreme-court-upholds-amcons-n22bn-sale-of-lagos-continental-hotel-indian-billionaire-loses-ownership-battle/

But those IPOB miscreants said Tinubu owns the hotel! huh

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by Odidigboigbo(m): 7:55am On Mar 17

I was owned by Indians before it was sold to Tunibu and his cronies by AMCON

Benwallt:
I thought obidrunks said Na Tinubu owned the hotel

Re: Supreme Court Upholds AMCON’s ₦22 Billion Sale Of Lagos Continental Hotel by fuckingAyaya(m): 8:08am On Mar 17

Benwallt:
I thought obidrunks said Na Tinubu owned the hotel

Oriental hotel is different from continental hotel

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