An Indian billionaire has lost a prolonged legal battle over the ownership of the five-star Lagos Continental Hotel, after the Supreme Court of Nigeria upheld its sale by the Asset Management Corporation of Nigeria.
In its ruling, the apex court affirmed AMCON’s authority to sell the luxury property for about ₦22 billion as part of efforts to recover debts linked to the asset.
The decision brings an end to years of litigation over the control and ownership of the prominent Lagos hotel.AMCON had previously taken over the property due to unresolved financial obligations tied to it.
The agency later arranged its sale in a bid to recoup the outstanding debt, a move that was contested in court by the former owner.
However, the Supreme Court ruled that AMCON acted within its legal powers in disposing of the hotel, effectively clearing all remaining legal obstacles surrounding the transaction.
The judgment is seen as a major boost for AMCON’s ongoing drive to recover non-performing loans and strengthen financial discipline within Nigeria’s banking and corporate sectors.
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