Court orders Ziklagsis to pay AMCON N1.9b debt

A Federal High Court in Lagos has ordered Ziklagsis Network Limited, to pay a debt of N1.9 billion to Asset Management Corporation of Nigeria (AMCON). The trial judge Justice Muslim Hassan, handed down the order while delivering judgment in a debt recovery suit marked FHC/L/CS/655/2015, filed by AMCON against the limited liability company. The debt […]

A Federal High Court in Lagos has ordered Ziklagsis Network Limited, to pay a debt of N1.9 billion to Asset Management Corporation of Nigeria (AMCON).

The trial judge Justice Muslim Hassan, handed down the order while delivering judgment in a debt recovery suit marked FHC/L/CS/655/2015, filed by AMCON against the limited liability company.

The debt comes with a 21% annual interest.

Further hearing on the rest of the disputed debt comes up November 28.

Joined as co -defendants in the debt recovery suit are: Sharon Properties Limited and Mrs. Rosemary U. Osula-Uku.

According to AMCON’s claims, Zikklagsis, Rosemary Osula-Mku and her company Sharon Properties Limited through other two defendants in 2005 and 2009 took loans of N8.1 billion from Union Bank and N4.1 billion from defunct Intercontinental Bank for import of prepaid metres for Power Holding Company of Nigeria.

AMCON purchased loans from the banks and wrote its lawyers to recover N11.5 billion, which the defendants failed to pay till date.

AMCON’s claim against the defendants include the debt amount of N11.5 billion, from May 1, 2011 until final judgment and post judgment interest at 10% 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 N1.5 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 N1.9billion.