Court Orders Firm To Pay AMCON N1.9bn Undisputed Debt
Justice Muslim Hassan of the Federal High Court, Lagos, on Wednesday, ordered a limited liability company, Ziklagsis Network Limited, to pay an admitted debt sum of N1. 906, 732, 758. 66 billion, to Asset Management Corporation of Nigeria (AMCON).
Justice Hassan gave the order while delivering judgment 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-Mku.
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 two other defendants, had sometime in 2005 and 2009, approached Union Bank Plc and the defunct Intercontinental Bank, for loans in the sum of N8. 118, 446, 810. 32 billion and N4. 1billion respectively, for Importation of pre-paid metres for Power Holding Company of Nigeria (PHCN).
AMCON also stated that having purchased the loans from the two banks, it issued a written instruction to its lawyer to recover the sum of N11, 552, 895, 803. 68 billion, from the defendants, which the defendants have failed to pay.
Consequently, AMCON’s claim against the defendants, jointly or severally for judgment in its favour for the immediate payment is the sum of N11. 552, 895, 803.68 billion , from May 1, 2011, until final judgment and post-judgment interest at 10 percent per annum until final liquidation of the entire judgment debt with accrued interest.
AMCON also asked the court to order the defendants to pay the sum of N1.500 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 includes; 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 indebted to the two banks in the sum of N1.906, 732, 758. 66 billion.
Delivering judgment in the admitted debt, the presiding Judge, Justice Muslim Hassan awarded a judgment sum of N1.906, 732, 758. 66 billion with interest at 21 percent per annum in favour of AMCON against the defendants.
However, Justice Hassan adjourned till November 28, 2017, for further hearing of the remaining disputed debt sum.