Court orders company to pay N1.9 billion debt to AMCON

Akin Kuponiyi

A Federal High Court, Lagos, on Wednesday, ordered a limited liability company, Ziklagsis Network Limited, to pay the admitted debt of N1, 906, 732, 758. 66 to Asset Management Corporation of Nigeria (AMCON).

The court presided over by Justice Muslim S. Hassan, gave the order while delivering judgement in a debt recovery suit marked FHC/L/CS/655/2015, filed by AMCON against the limited liability company.
Joined as co -defendants in the debt recovery suit are: Sharon Properties Limited and Mrs. Rosemary U. Osula-Uku.

AMCON in its statement of claim filed before the court by its lawyer, Chief Aloy Ezenduka, stated that Zigklagsis Network Limited, Mrs Rosemary U. Osula -Mku and her company Sharon Properties Limited, through other two defendants, had sometimes in 2005 and 2009, approached Union Bank Plc and the defunct Intercontinental Bank, for loans sum of N8,118, 446, 810. 32  and N4. 1 billion respectively, for Importation of pre-pay meters for Power Holding Company of Nigeria (PHCN).

AMCON also stated that having procured the loans from the two banks, it issued a written instructions to its lawyer to recover the sum of N11, 552, 895, 803. 68 from the defendants, which the defendants have failed to pay till today.

Consequently, AMCON claimed against the defendants, jointly or severally for judgement in its favour for the immediate payment of the sum of N11, 552, 895, 803.68 from May 1, 2011, until the final judgement and post-judgment interest at 10 percent per annum until final liquidation of the entire judgement debt with accrued interest.

AMCON also asked the court to order the defendants to pay the sum of N1.5 million, for the cost of instituting the suit on full indemnity basis and an order granting it possession of all properties of the defendants, which included landed properties, moveable and immovable, fixed and floating assets, buildings, fixtures, vehicles and Chattels scattering across the country.

But the defendants in their amended statement of defence denied all claims stated by AMCON. Rather, the defendants admitted being indentedness to the two banks in the sum of N1,906, 732, 758. 66.

Delivering judgement in the admitted debt, the presiding Judge, Justice Muslim Hassan awarded a judgment sum of N1, 906,732,758.66 with interest at 21 percent per annum in favour of AMCON against the defendants.

Thereafter, justice Hassan adjourned till November 28, 2017.for further hearing of the remaining disputed debt.