An unprecedented enantioselective synthesis of spiro‐γ‐lactams via a sequential C−H olefination/asymmetric 4+1 spirocyclization under a simple CoII/chiral spiro phosphoric acid (SPA) binary system is reported. A range of biologically important spiro‐γ‐lactams are obtained with high levels of enantioselectivity (up to 98 % ee). The concise, asymmetric synthesis of an aldose reductase inhibitor was successfully achieved. Notably, contrast to previous reports that relied on the use of cyclopentadienyl or its derivatives (achiral Cp*, CptBu, or chiral Cpx) ligated CoIII complexes requiring tedious steps to prepare, cheap and commercially available cobalt(II) acetate tetrahydrate was used as an efficient precatalyst. An unprecedented sequential C−H olefination/asymmetric 4+1 spirocyclization under a simple CoII/chiral spiro phosphoric acid (SPA) binary system is reported, providing a straightforward route for the asymmetric synthesis of spiro‐γ‐lactams with high enantioselectivities (up to 98 % ee).