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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON…Over wrongful sale of Intercontinental Hotels

 

The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

The firm in its statement of claim, said “despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

According Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

“The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

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BREAKING: Ex-Chelsea Captain César Azpilicueta Announces Retirement From Football

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BREAKING: Ex-Chelsea Captain César Azpilicueta Announces Retirement From Football—-Spanish defender brings curtain down on trophy-laden career after spells with Chelsea, Atlético Madrid and Sevilla.

Former Chelsea FC captain César Azpilicueta has officially announced his retirement from professional football at the age of 36.

The Spanish defender confirmed that he will hang up his boots at the end of the season, bringing an end to a remarkable career that spanned nearly two decades.

He shared this news via his social media handles.

Azpilicueta enjoyed his most successful years at Chelsea after joining the club from Marseille in 2012. During his 11-year spell at Stamford Bridge, he made more than 500 appearances and became the first player in the club’s history to win every major trophy available.

As Chelsea captain, Azpilicueta famously lifted the UEFA Champions League trophy in 2021 under Thomas Tuchel, adding to Premier League, Europa League, FA Cup, UEFA Super Cup and FIFA Club World Cup triumphs during his time in London.

Following his departure from Chelsea in 2023, the veteran defender spent two seasons with Atlético Madrid before joining Sevilla FC for the final chapter of his career.

Azpilicueta also represented Spain at international level, earning 44 senior caps and featuring in multiple FIFA World Cups and European Championships.

In an emotional farewell message, the defender admitted it was difficult to make the decision but thanked supporters, teammates, coaches and clubs who shaped his journey in football.

Tributes have since poured in from fans and former teammates, with many describing Azpilicueta as one of Chelsea’s greatest modern-day captains and one of the most respected defenders of his generation.

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BREAKING: Shock Omissions as Palmer and Alexander-Arnold Miss England World Cup Selection

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BREAKING: Shock Omissions as Palmer and Alexander-Arnold Miss England World Cup Selection—-Ex-Chelsea Manager Thomas Tuchel makes bold selection calls ahead of tournament in North America.

England manager Thomas Tuchel has made several major selection decisions after leaving Cole Palmer and Trent Alexander-Arnold out of the Three Lions’ final squad for the 2026 FIFA World Cup.

The omissions have quickly sparked debate among fans and pundits, with both players considered among England’s biggest talents in recent years.

According to reports, Tuchel opted for balance, tactical flexibility, and current form when finalising his 26-man squad for the tournament in the United States, Canada, and Mexico.

Palmer’s exclusion comes despite the Chelsea star’s strong performances over the last two seasons, while Alexander-Arnold reportedly missed out due to tactical preferences and competition in defensive areas.

The squad announcement also saw several surprise inclusions, including Ivan Toney and Djed Spence, while experienced names such as Jordan Henderson earned recalls.

Other notable absentees include Harry Maguire and Phil Foden as Tuchel reshapes the squad ahead of England’s World Cup campaign.

England will head into the tournament hoping to end decades of hurt and finally lift the World Cup trophy for the first time since 1966.

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