Intercontinental Hotel: Milan Industries warns banks against dealing with 3rd parties

The Milan Group, owners of Intercontinental Hotel Lagos and their lawyers have warned banks and other financial institutions to refrain from any transaction with third parties on the facility.
According to caveat emptor signed by the management of Milan Industries Ltd and their lawyers: Alade Babatunde Kasunmu of Prof A.B Kasunmu’s Chambers and Ahmed Raji SAN, they stated that the warning followed a recent Court of Appeal judgment delivered on 2nd December 2022 in appeal no. CA/CV/LAG/476/2021 between Milan Industries Limited vs Polaris Bank Ltd, AMCON & 11 PLC.
The Lagos Division of the appellate court had in the judgment set aside the sale of the property covered by Land Certificate No. Lo.6753 and Land Certificates Lo. 6560, known as Lagos Continental Hotel (formerly Intercontinental Hotel Lagos) situated at 52 Kofo Abayomi Street Victoria Island, Lagos, sold by the Asset Management Corporation of Nigeria (AMCON) to 11PLC.
The statement further reads: “All banks and financial institutions are hereby informed that the above-mentioned property covered by Land Certificate Lo. 6753 and Land Certificate Lo. 6560 and known as Lagos Continental Hotel (formerly Intercontinental Hotel Lagos) situated at 52 Kofo Abayomi Street Victoria Island, Lagos which was mortgaged to Sky Bank PLC (now Polaris Bank) by Milan Industries Limited has been discharged as confirmed by the judgment of the above-mentioned Court of Appeal.
“Any bank and financial institution holding any charge in respect of the property covered by Land Certificate No. Lo. 6753 and Lo. 6560 known as Lagos Continental Hotel (formerly Intercontinental Hotel Lagos) situated at 52 Kofo Abayomi Street Victoria Island, Lagos is hereby warned to desist and refrain from entering into any security agreement with any third party in connection with the property of Milan Industries Limited.
“Banks and financial institutions are also warned to desist and refrain from continuing to deal with the said property in relation to any security agreement without the consent of Milan Industries Limited.”