Court Orders Firm to Pay AMCON N1.9Bn Undisputed Debt

Ladipo Sanusi/

A Federal High Court, in Lagos, today ordered a limited liability company to pay an admitted debt of N1, 906, 732, 758.66 to Asset Management Corporation of Nigeria (AMCON).

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 Ziklagsis Network Limited.

Co-defendants in the 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 sometimes in 2005 and 2009, approached Union Bank Plc and the defunct Intercontinental Bank, for loans of N8, 118, 446, 810.32 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, from the defendants, which the defendants have failed to pay till today.

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

AMCON also asked the Court to order the defendants to pay N1.5million, 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, movable and immovable, fixed and floating assets, buildings, fixtures, vehicles and Chattels scattered across the country.

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

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

The Judge adjourned the case till November 28, 2017, for further hearing of the remaining disputed debt.

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