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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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Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis

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Meranda Speaks On Resigning As Lagos Assembly Speaker

Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis—-Mojisola Meranda a member of the Lagos State House of Assembly Speaker, has refuted claims of her resignation, dismissing the rumors amid the ongoing leadership crisis in the Assembly.

Speculation surged on Monday following a forceful invasion of the Assembly complex by operatives of the Department of State Services (DSS) and the Nigeria Police.

According to reports, security forces stormed the premises in the early hours, sealing the offices of Speaker Meranda, her deputy, and the clerk.

Speaking to Punch, the Speaker’s Chief Press Secretary, Segun Ajiboye, denounced the reports of her resignation as “a lie from the pit of hell.” He reaffirmed that Meranda remains committed to her role despite mounting pressure.

The crisis, which began with the removal of former Speaker Mudashiru Obasa, intensified when security personnel occupied the Assembly on Monday, further escalating tensions among lawmakers and staff.

Reacting to the situation, Ajiboye stated, “It is a lie from the pit of hell. If she had resigned, would she come back to sit at the plenary today?”

Meanwhile, a member of the Lagos State Governor’s Advisory Council (GAC), Muraina Taiwo, acknowledged that the crisis had spiraled beyond the council’s ability to manage, calling for President Bola Tinubu’s intervention.

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JUST IN: Pan Niger Delta Forum leader, Edwin Clark Is Dead

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Edwin Clark Is Dead

JUST IN: Pan Niger Delta Forum leader, Edwin Clark Is Dead

Thecloudngr gathered that the elder statesman died at the age of 97.

The former Federal Commissioner for Information and South-South leader’s death was confirmed in a statement by a representative of the family, Prof. C. C. Clark, on Tuesday.

In a statement, the Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta state, said the ex-senator died on Monday, February 17.

He was 97 years of age.

Until his passing, Clark was the leader of the Pan Niger Delta Forum (PANDEF).

His political career began in 1953 when he was elected councillor of Bomadi in Delta state. Clark would later join the National Council of Nigeria and the Cameroons (NCNC) political party.

He served as Midwestern commissioner of education and later finance between 1966 and 1975.

He pitched tent with the National Party of Nigeria (NPN) in the second republic and was treasurer of the party in the old Bendel state.

The outspoken Ijaw leader and critic was senator for three months in 1983 during the Shehu Shagari administration.

Clark spent the rest of his life advocating for development of the Niger Delta region.

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