News
Appeal court nullifies sale of Intercontinental Hotel to 11Plc
The sale of Intercontinental Hotel in Lagos to 11Plc by Polaris Bank and Asset Management Corporation of Nigeria, (AMCON) has been nullified by the Court of Appeal.
The appeal court sitting in Lagos also ordered a return of the facility to the original owner, the Milan Industries Ltd.
The decision was taken in a unanimous judgment 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 N2 billion 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.
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 had 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 20, 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, “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 collateral 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.”
Justice Sirajo ruled, “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 lead judgment including that of the costs.”
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.”
News
Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns
Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns
President Donald Trump on Tuesday signed a Proclamation further restricting entry to the United States for nationals from countries identified as high-risk due to “persistent and severe deficiencies in screening, vetting, and information-sharing” that threaten U.S. national security and public safety. Nigeria is now included among 15 additional countries newly subject to partial travel restrictions.
The announcement, published on the White House website in a fact sheet titled “President Donald J. Trump Further Restricts and Limits the Entry of Foreign Nationals to Protect the Security of the United States”, outlines the rationale for the move. It comes after Trump previously declared Nigeria a “country of particular concern” on October 31, 2025, citing alleged persecution of Christians.
The Proclamation maintains full restrictions on nationals from the original 12 high-risk countries—Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen—and adds five more: Burkina Faso, Mali, Niger, South Sudan, and Syria. Countries previously under partial restrictions, Laos and Sierra Leone, now face full restrictions.
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The 15 newly restricted countries, including Nigeria, Angola, Senegal, Tanzania, Benin, The Gambia, Malawi, Mauritania, Zambia, and Zimbabwe, are subject to partial limitations, with exceptions for lawful permanent residents, visa holders, diplomats, athletes, and individuals serving U.S. national interests. Case-by-case waivers remain possible.
The White House fact sheet emphasized that the measure is aimed at preventing the entry of foreign nationals for whom the U.S. lacks sufficient information to assess security risks, ensure cooperation from foreign governments, enforce immigration laws, and support national security and counterterrorism objectives.
Trump was quoted saying, “It is the President’s duty to take action to ensure that those seeking to enter our country will not harm the American people.” The proclamation reflects ongoing efforts to restore travel restrictions on countries deemed a threat to American security and encourage compliance with vetting standards.
The fact sheet also highlighted specific challenges, including fraudulent or unreliable civil documents, high visa-overstay rates, terrorist activity, and non-cooperation with U.S. authorities, as reasons for country-specific restrictions. Meanwhile, Turkmenistan, previously restricted, has improved cooperation, resulting in partial lifting of its visa ban.
This latest travel restriction Proclamation underscores the Trump administration’s focus on border security, national safety, and stringent immigration vetting.
Trump Adds Nigeria to List of Countries Facing US Entry Restrictions Over Security Concerns
News
Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid
Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid
Fresh insights from a new biography reveal why former President Muhammadu Buhari did not support the presidential ambition of his former Vice President Prof. Yemi Osinbajo. The disclosure sheds light on the dynamics of the 2022 All Progressives Congress (APC) presidential race and Buhari’s silence during the contest.
According to the book, From Soldier to Statesman: The Legacy of Muhammadu Buhari, written by Dr. Charles Omole, Buhari reportedly declined to back Osinbajo because he had no personal relationship with him. The former president was quoted as saying, “I don’t know Osinbajo from anywhere, I met him only through President Bola Ahmed Tinubu.”
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The biography notes that Buhari was also reportedly surprised by Osinbajo’s decision to contest against Tinubu during the APC presidential primaries, which Tinubu eventually won to become the party’s candidate.
Osinbajo is widely seen as a political protégé of Tinubu, having served as Attorney General and Commissioner for Justice in Lagos State during Tinubu’s governorship. He later became Buhari’s running mate in the 2015 general election, forming an eight-year federal administration.
Despite their years in government together, Buhari’s remarks suggest that his relationship with Osinbajo remained largely formal and politically arranged, rather than personal, explaining his decision to withhold support during the 2022 APC presidential contest.
The biography, recently presented at the Presidential Villa, offers a deeper look into Buhari’s political relationships and decision-making during his tenure and beyond.
Revealed: Why Buhari Withheld Support for Osinbajo’s Presidential Bid
News
Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60
Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60
The stage is set for President Bola Ahmed Tinubu to present the 2026 Federal Government budget following the Senate’s approval of the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
The Senate, during plenary, approved a total ₦54.46 trillion 2026 budget, endorsing key fiscal and macroeconomic parameters despite concerns over a massive revenue shortfall recorded in 2025.
Under the approved framework, capital expenditure was pegged at ₦20.131 trillion, recurrent expenditure at ₦15.265 trillion, statutory transfers at ₦3.152 trillion, and Sinking Fund at ₦388.54 billion.
Lawmakers also approved an oil price benchmark of $60 per barrel, revised downward from the executive’s proposed $64.85, alongside projected aggregate revenue of ₦34.33 trillion, a fiscal deficit of ₦20.13 trillion, borrowings of ₦17.88 trillion, and debt service obligations of ₦15.52 trillion.
Other approved assumptions include crude oil production of 1.84 million barrels per day, inflation rate of 16.5 per cent, exchange rate of ₦1,512 to the dollar, and GDP growth rate of 4.68 per cent for 2026.
The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa (APC, Niger East). The committee recommended downward adjustments to oil price benchmarks in response to global geopolitical tensions and volatility in the international oil market.
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The Senate also sustained projections for crude oil output, exchange rates and inflation for 2026–2028, citing the Central Bank of Nigeria’s stabilisation policies and ongoing economic reforms. Lawmakers expressed optimism that tax reforms would drive economic growth and improve revenue performance.
The committee further urged the Federal Government to implement a National Scanning Policy under the National Single Window of the Nigeria Revenue Service (NRS) to boost revenue assurance, reduce leakages, enhance transparency and strengthen national security.
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the Federal Government recorded a significant revenue shortfall in 2025, with actual inflows estimated at ₦10.7 trillion against a projected ₦40.8 trillion.
Speaking before the House of Representatives Committees on Finance and National Planning, Edun attributed the shortfall largely to weak oil and gas revenues, especially Petroleum Profit Tax (PPT) and Company Income Tax (CIT) from oil companies.
Despite the revenue gap, Edun said the government met key obligations, including salaries, statutory transfers, and debt servicing, through prudent treasury management.
He cautioned against rigid expenditure commitments tied to oil revenue projections, urging flexibility in spending plans amid recurring revenue underperformance.
Also speaking, Minister of Budget and National Planning, Atiku Bagudu, said the MTEF/FSP emerged from broad consultations and balanced conservative revenue assumptions with ambitious targets aimed at improving agency performance.
Chairman of the House Committee on Finance, James Faleke, stressed the need for critical scrutiny to prevent bloated budgets and ensure fiscal decisions that would move Nigeria’s economy forward.
Senate Backs ₦54.46trn 2026 Budget, Cuts Oil Price Benchmark to $60
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