A Federal High Court sitting in Lagos on Wednesday ordered a limited liability company, Ziklagsis Network Limited to pay the sum of N1. 906, 732, 758. 66 billion it admitted it was owing as unpaid bank loans 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 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 the 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 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 unserviced loans from the two banks, it issued a written instructions to its lawyer to recover the sum of N11, 552, 895, 803. 68 billion, 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 is the sum of N11. 552, 895, 803.68 billion, from May 1, 2011, until 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 N1.500 million, for the cost of instituting the suit on full indemnity basis as well as 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 judgement in the suit, Justice Hassan asked the defendant to pay the undisputed debt of N1.906,732,758.66 billion with interest at 21 percent per annum to AMCON.
Thereafter, Justice Hassan adjourned till November 28, 2017 for further hearing on the disputed portion of the debt.
