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Appeal Court nullifies sale of Intercontinental Hotel, orders return to Milan Group
Appeal Court nullifies sale of Intercontinental Hotel, orders return to Milan Group
The Court of Appeal Lagos Division has nullified the sale of Intercontinental Hotels, Lagos by Polaris Bank and Asset Management Corporation of Nigeria, and ordered a return of the facility to the original owner, the Milan Industries Ltd.
In a unanimous judgment in suit No CA/LAG/CV/476/2021 delivered by three Justices of the Appeal Court: Jimi Olukayode Bada, who read the lead judgment; Muhammad Ibrahim Sirajo and Peter Oyinkenimiemi Affen, the appellate court ruled that Milan Industries Ltd had fully paid the bank the Two Billion Naira (N2Billion) mortgage facility it secured from Polaris Bank before the hotel was taken over and sold by AMCON and the bank.
The bank, which was then known as Skye Bank had put the management of the five-star hotel under the receivership of Mr. Kunle Ogunba, an arrangement that was nullified by a Federal High Court in Lagos. Despite this, the bank went ahead and sold the hotel to another company, 11 PLC, a move that was challenged at the Appeal Court by the lawyers to Milan Industries Ltd, Messrs Ahmed Raji SAN and Tunde Kasunmu of Prof A.B Kasunmu SAN chambers.
It will be recalled that Milan Industries Ltd had taken a facility from Skye Bank to part finance the five-star hotel located in Victoria Island, Lagos and managed by IHG. The Milan Group, has up till 2021 to pay back the facility but in a curious move, the bank obtained an interim order to take over the management of the hotel, an order that was vacated when the suit was struck out by the court on March 20th 2018.
According to the Certified True Copy of the judgment signed and released on Wednesday by the Senior Registrar of the court, A. G. Balogun, the appellate court held that the two issues Milan Industries as Appellant/Cross Respondent was contesting were resolved in its favour. According to the lead judgment by Justice Jimi Bada, “With the resolution of Issues No. 1 and 2 in favour of the Cross Respondent and against the Cross Appellants (Polaris Bank, AMCON and 11 PLC), it is my view that this cross appeal lacks merit and it is hereby dismissed.”
While agreeing with the lead judgment, another member of the appeal court panel, Justice Ibrahim Sirajo stated that “the appellant insisted that it had paid over Two Billion Naira in liquidating the facility and that as at the time the 1st respondent (Polaris Bank) entered into agreement to sell the appellant’s secured asset to the 2nd respondent (AMCON), there was no collaterized and secured asset to sell to the 2nd respondent. It was also the case of the appellant that at the time the 2nd respondent sold the appellant’s Intercontinental Hotel to the 3rd respondent, the appellant had discharged its obligation under the legal mortgage by paying the amount secured by the property.”
To buttress his position, Justice Sirajo ruled that “I adopt his lordship’s reasoning and conclusion in the leading judgment as mine in also allowing the appeal. I abide by all the orders made in the leading judgment including that of the costs.”
While also concurring with the lead judgment by Justice Bada, the third member of the appeal panel, Justice Peter Affen said “the judicial reasoning and conclusions reached on the issues raised accord with mine, and I hereby affirm my agreement with the leading judgment which allowed the main appeal and dismissed the cross appeal. I equally abide by the orders on the costs.”
Life Patron Gen. Buratai Congratulates Newly Elected Lady Captain of TYBGRCC
ABUJA – The Tukur Yusufu Buratai Golf Resort and Country Club (TYBGRCC) has ushered in a new era of leadership with the election of Ms. Jumai Hajara Adamu as its Lady Captain.
The club’s Life Patron, Lt Gen Tukur Yusufu Buratai (Rtd) CFR, former Chief of Army Staff, has extended his warm congratulations and full endorsement. “As the Life Patron, I am immensely proud to see a leader of your calibre step forward,” he stated. “Please be assured of my full and unwavering support throughout your tenure. I have every confidence that your leadership will be marked by significant achievements.”
The election, conducted by the club’s Board of Trustees and membership, highlights a unanimous confidence in Ms. Adamu’s vision and dedication to the sport and the club’s community.
In her acceptance address, the newly elected Lady Captain outlined a forward-looking agenda anchored on three key pillars: Unity, Development, and Inclusiveness. “I believe that golf is not just a sport but a powerful platform for friendship, discipline, mentorship, and community,” she stated, pledging to strengthen member bonds, encourage greater participation among ladies and youth, and enhance the club’s facilities.
Ms. Jumai Hajara Adamu, a respected member known for her active participation and organizational acumen, succeeds a line of distinguished past Lady Captains. She has pledged to build upon their legacy with transparency, teamwork, and accountability, ensuring every member feels heard and represented.
This appointment is seen as a significant step for the TYBGRCC, reinforcing its commitment to excellence, growth, and fostering a vibrant sporting community in the heart of the nation’s capital. The club anticipates a dynamic and prosperous term under her guidance.
About Tukur Yusufu Buratai Golf Resort and Country Club (TYBGRCC):
Located in Abuja, TYBGRCC is a premier golfing destination dedicated to promoting the sport of golf, fostering camaraderie, and encouraging a healthy lifestyle among its members and guests. It stands as a testament to world-class sporting and recreational facilities.
NAWOJ: SEKINAT, CHARITY GETS VOTE OF CONFIDENCE
The Nigeria Association of Women Journalists,(NAWOJ), Ogun State Chapter Executives has unanimously passed a vote of confidence on Chairman NAWOJ SEKINAT Salam and the Financial Secretary, Charity James, saying that, their leadership reflect the ideal and objectives of NAWOJ.
This was revealed in a communique issued at an Emergency meeting of the Executive held at the NUJ State Council, Iwe-Iroyin in Abeokuta.
The vote of confidence on the Leadership of NAWOJ was unanimously signed by all the five executive members that attended the meeting with the vice chairperson taking apology for official engagement outside the state capital.
According to the communique ” Consequently, NAWOJ Ogun State Chapter, reaffirms it’s unwavering support and confidence in the Chairperson and the Financial Secretary, Sekinat Salam and Charity James respectively, Urge them to continue in their commitment to purposeful leadership in the best interest of the association and the society at large”.
Speaking briefly with Journalists after the emergency Executive meeting, the Chairperson, Nigeria Association of Woman Journalists (NAWOJ), Com. Sekinat Salam, said the meeting was necessary as the news of her suspension was laughable and insulting because it is like a pot calling a kettle black in this case, saying that the Leadership of the State Council, Com. Wale Olanrewaju has no local standing to suspend her or any executive member, even he cannot be a judge in his own case.
According to her” The Leadership of the Nigeria Union of Journalists, Ogun State led by Wale Olanrewaju has always been misusing power without recourse to the constitution of this noble Union, hence has no local standing to suspend me or any executive member “.
She said only the Central Working Committee (CWC) has the constitutional rights to sanction or suspend any members found wanting after due process has been followed.
While calling on members to stay calm, Com. Sekinat Salam assured members of positive representation of NAWOJ at both the State and National level, adding the success recorded under her administration cannot be overemphasized.
She therefore called on the National leadership of NUJ to critically look into the matter, either by setting up independent committee to investigate the issues and resolve the matter as quickly as possible.
Adron Homes Chairman Congratulates Oyo State on 50 Years of Progress
The Chairman and Chief Executive Officer of Adron Homes and Properties Limited, Aare Adetola Emmanuelking, has congratulated the Government and people of Oyo State as the state marks its 50th anniversary, describing the occasion as a celebration of resilience, cultural pride, and sustained progress.
He noted that since its creation, Oyo State has remained a strong contributor to Nigeria’s socio-economic and cultural development, emerging as a hub of commerce, education, and innovation.
According to him, the Golden Jubilee offers a moment for reflection and renewed commitment by government, private sector players, traditional institutions, and citizens toward building a more inclusive and prosperous state.
Aare Emmanuelking commended the state’s ongoing transformation through investments in infrastructure, economic expansion, and human capital development, adding that sustainable growth is deliberate and must remain purpose-driven.
He also praised the leadership of the current administration while acknowledging the contributions of past leaders whose efforts laid the foundation for today’s Oyo State.
Reaffirming Adron Homes’ commitment to national development, he described Oyo State as a land of opportunity. He wished the state continued peace and prosperity, expressing confidence that the next fifty years will bring even greater achievements for the Pace Setter State and its people.
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