A Federal High Court, Lagos, on Wednesday, ordered her company,
Ziklagsis Network Limited, to pay the admitted debt of N1. 906, 732,
758. 66 billion to Asset Management Corporation of Nigeria (AMCON).
The court presided over by Justice Muslim S. 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.
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 billion and N4. 1billion respectively, for
Importation of pre-pay metres for Power Holding Company of Nigeria
AMCON also stated that having purchased the 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 billio , 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. 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
indebtedness 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 billion with
interest at 21 percent per annum in favour of AMCON against the
Thereafter, Justice Hassan adjourned till November 28, 2017.for further hearing of the remaining disputed debt.