Indian Billionaire, Ramesh Valechha Loses Ownership of Lagos Continental Hotel As Supreme Court Upholds AMCON’s N22bn Sale

MICHAEL AKINOLA

Indian billionaire and Chairman of the Nigeria-based Milan Group, Mr. Ramesh Valechha has lost the long-running legal battle over the ownership of the Continental Hotel, Victoria Island, Lagos after the Supreme Court of Nigeria upheld the sale of the four-star 352-room 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 Kofo Abayomi Street, Lagos.

The protracted legal battles have been between Polaris Bank Limited, AMCON, 11 Hospitality Plc, and Milan Industries Limited over the sale.

In a judgment delivered on Friday, a five-member panel led by Justice Kudirat Kekere-Ekun dismissed appeals from the hotel’s former owners, citing procedural compliance and public interest in recovering bad debts.

AMCON had taken over the asset after financial obligations linked to the hotel reportedly remained unpaid.

Milan Industries by Valechha had used the luxury hotel in 2019 as collateral for an eligible bank asset purchased from defunct Skye Bank Plc (now Polaris Bank Limited).

The loan became non-performing, and AMCON acquired the Eligible Bank Asset (EBA) of Milan Industries Limited from Polaris Bank in September 2018.

AMCON subsequently waded in and arranged the sale of the property to recover the debt, a move that was challenged in court by the former owner.

Prior to the purchase of the loan, Polaris Bank had appointed Kunle Ogunba as receiver/manager over Milan Industries to recover the non-performing loan.

The receiver/manager, took over the Lagos Continental Hotel pursuant to the registered Deed of Legal Mortgage collateralising the Hotel to the Bank and his Deed of Appointment.

Upon acquiring the EBA, AMCON validated the appointment of Kunle Ogunba, SAN, as receiver/manager.

Subsequently, AMCON disposed of the Lagos Continental Hotel for the sum of N22 billion to 11 Hospitality Plc. Following the disposal of the collateral, Milan Industries Limited commenced headed to court to challenge AMCON.

The case at the Federal High Court was however dismissed.

Dissatisfied with the judgment, Milan Industries headed for the Court of Appeal.

After three years of legal battle, the appellate court ruled in favour of Milan Industries Limited.

The Court of Appeal’s judgment was appealed to the Supreme Court.

However, the Supreme Court ruled on the matter in favour of AMCON on February 20, 2026 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.