JUST IN: 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.

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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.”

The Faaji Edition of Ofada Rice Day Holds On December 4th In Lagos—-The Faaji Edition of Ofada Rice Day Holds On December 4th In Lagos—-All is set for the fourth edition of Ofada Rice Day, which holds on December 4th at Muri Okunola Park Victoria Island in Lagos.

The event-themed Faaji edition hosted by OfadaBoy, a leading indigenous Food outfit, is an annual event to promote the originality and health benefit of ofada rice to a teeming and potential audience.

The event which is rated as the biggest food festival with a convergence of over five thousand attendees in the previous editions, and promises to come with a more fun-filled experience and a mix of food, entertainment, and networking will see some of the Nigerians biggest music and comedy artistes including Kenny Blaq, SBlive, Laycon, Reminisce, Hyenana, and others in attendance.

In a statement issued by the host, Chief Executive Officer, OfadaBoy, Mr. Oluwatobi Fletcher disclosed that, the event is a restatement of the company’s commitment to supporting and promoting African values in the area of food and safeguarding our culture and traditions.
Ofada Rice Day is an idea to give the audience an experience while entrenching the core message with the support of the Lagos State Government and this edition is sponsored by an array of top brands including Goldberger, Maltina, Pepsi, Valuejet, Ardova Plc, Peak Yoghurt, Nestle Life and Maggi.

Participants are in for a more refreshing and never to be forgotten experience in a relaxed and secure environment as plans are in top gear to ensure families, Individuals, and all invited and registered audiences have the best of time.

There will children experience corner, lounge for networking, cooking competition with notable chief Miyonse and Uriel and other side attractions as planned by the organizers.