The Federal High Court in Lagos has ordered Skye Bank Plc to take over Intercontinental Hotel over an alleged debt.
The court also appointed a Senior Advocate of Nigeria, Kunle Ogunba, as the hotel’s receiver-manager in order to preserve its assets.
The hotel, with 361 rooms, is on Plot 244 and 245 (now 52) Kofo Abayomi Street on Victoria Island in Lagos.
The judge ordered all banks and financial institutions as well as other agencies contractually obligated to the Milan Industries to furnish the receiver with details of sums outstanding to the defendant’s credit.
Skye Bank said it availed Milan Industries with facilities in the sum of $29.8million and N3.8billion for the construction of Intercontinental Hotel.