Court orders firm to pay AMCON N1.9bn debt

A Federal High Court, Lagos, on Wednesday, ordered a limited liability company, Ziklagsis Network Ltd, to pay a debt of N1.9 billion, to Asset Management Corporation of Nigeria (AMCON).

Justice Muslim Hassan, gave the order while delivering judgement in a debt recovery suit marked FHC/L/CS/655/2015, filed by AMCON against the company.

Joined as co-defendants in the suit are Rosemary U. Osula-Mku and her company Sharon Properties Ltd.

AMCON, in its statement of claim filed by its counsel, Mr Aloy Ezenduka, stated that between 2005 and 2009, the defendants approached Union Bank Plc and the defunct Intercontinental Bank for loan.

AMCON said that the loan ranged from N8.1 billion and N4.1billion respectively, which was for importation of pre-paid metres for the Power Holding Company of Nigeria (PHCN).

AMCON, however, issued a written instruction to its lawyer to recover the sum of N12.2 billion from the defendants.

AMCON also asked that the defendants should jointly or severally pay the total sum and a post-judgment interest of 10 per cent per annum until the final liquidation of the entire judgement debt.

It also asked the court to order the defendants to pay the sum of N1.5 million, for the cost of instituting the suit.

It similarly sought for an order granting it possession of all properties of the defendants, including landed properties, moveable 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.

The defendants, however, admitted being indebted to the two banks in the sum of N1.9 billion.

Delivering judgement on the admitted debt, Justice Hassan awarded a judgment sum of N1.9 billion with interest at 21 per cent per annum in favour of AMCON against the defendants.

Hassan, however, adjourned the case until Nov. 28 for further hearing on the remaining disputed debt.