The owners of Intercontinental Hotel, Lagos, the Milan Group, and their lawyers have warned banks and other financial institutions to refrain from any transaction with third parties on the facility.
A caveat emptor signed by the management of Milan Industries Limited and their lawyers: Alade Babatunde Kasunmu of Prof A.B Kasunmu’s Chambers and Ahmed Raji, SAN, stated that the warning followed a recent Court of Appeal judgment, delivered on 2nd December 2022 in appeal no. CA/CV/LAG/476/2021, between Milan Industries Limited and Polaris Bank Ltd, AMCON and 11 PLC.
The Lagos Division of the appellate court had in the judgment set aside the sale of the property covered by land certificates numbers Lo.6753 and Lo. 6560, known as Lagos Continental Hotel, formerly Intercontinental Hotel Lagos, situated at 52 Kofo Abayomi Street Victoria Island, Lagos, sold by the Asset Management Corporation of Nigeria, AMCON, to 11PLC.
The statement further reads, “All banks and financial institutions are hereby informed that the above-mentioned property, covered by Land Certificates Lo. 6753 and Lo. 6560 and known as Lagos Continental Hotel, formerly Intercontinental Hotel, Lagos, situated at 52 Kofo Abayomi Street Victoria Island, Lagos, which was mortgaged to Sky Bank Plc, now Polaris Bank, by Milan Industries Limited, has been discharged as confirmed by the judgment of the above-mentioned Court of Appeal.
“Any bank and financial institution holding any charge in respect of the property covered by Land Certificate No. Lo. 6753 and Lo. 6560 known as Lagos Continental Hotel, formerly Intercontinental Hotel Lagos, situated at 52 Kofo Abayomi Street Victoria Island, Lagos is hereby warned to desist and refrain from entering into any security agreement with any third party in connection with the property of Milan Industries Limited.
“Banks and financial institutions are also warned to desist and refrain from continuing to deal with the said property in relation to any security agreement without the consent of Milan Industries Limited.”
