Wednesday, February 1, 2023 10:45 am
Assets management Corporation of Nigeria AMCON has dragged an indigenous unlimited liability company carrying on the business of construction with its corporate office at 89 Azikiwe Road, Aba Abia State, before a Federal high court sitting in Lagos state south west Nigeria over an alleged unpaid debt of N143m.
Joined as co-defendant is the Managing Director of the company Mr Anis E.Aouns who is also the guarantor of the loan facility granted to his company by the defunct Intercontinental Bank Plc
In a statement of claim accompanied by a witness written statement on oath of account officer of AMCON Hussana Abdullahi filed before the court by a Lagos lawyer Barrister Funmi Tijani on behalf of AMCON, the deponent avers that the 1st Defendant Ranjis Construction International Limited applied for and was granted an overdraft facility of N5 Million from Intercontinental bank by its letter of offer dated 16th December 2003,
The company entered into a Tripartite Legal Mortgage with Intercontinental Bank Plc dated 1st September 2005 registered as Number 31 Page 31 Volume MT22 at the Land Registry Asaba Delta State.
However, it was alleged that as soon as the company took benefit of the loan from Intercontinental Bank Plc the company failed to continue to service the facilities as agreed upon by the parties.
The total outstanding loan of the Defendant as of 31st August 2022 stood at N143,593,972.31 (One Hundred And Forty-Three Million Five
Hundred And Ninety-Three Thousand Nine Hundred And Seventy-Two Naira Thirty-One Kobo) and this outstanding debt remains unpaid to date.
AMCON avers that the Defendants failed, refused, and neglected its obligations to the Claimant, despite all the demands made on the Defendants, particularly the company to liquidate its outstanding indebtedness, thereby constraining the AMCON to engage an Asset Management Partner, Victor Akintola & Co (a tax, audit, accounting and debt recovery firm in Nigeria) which wrote letters to the Defendant, to liquidate its indebtedness which stood at N143,593,972.31 (One Hundred And Forty-Three Million Five Hundred And Ninety-Three Thousand Nine Hundred And Seventy-Two Naira Thirty-One Kobo). As of 31st August 2022.
Thereafter the Claimant instructed her Solicitor Funmi Tijani & Co. to recover the indebtedness of the Defendants which stood at N143,593,972.31 (One Hundred And Forty-Three Million Five Hundred And Ninety-Three Thousand Nine Hundred And Seventy-Two Naira Thirty-One Kobo) as at 31st August 2022 being the accumulated indebtedness of the company, inclusive of the principal sum and all accrued interest thereto on the said facilities, which from the circumstances, the Defendants, have defiantly refused, neglected and failed to liquidate till date.
Consequently, the Claimant’s claim against the Defendants jointly and severally are as follows:
A liquidated debt of N143,593,972.31 has been accumulated indebtedness as of 31st August 2022 of Ranjis Construction International Limited inclusive of the Principal sum and all accrued interest thereto on the said facility.
15% interest on the accumulated debt owed by the company which stands at N143,593,972.31 on the facility granted from the 31st August 2022 until Judgment is entered and 15% after judgment until the same is liquidated.
Order of the court granting AMCON the right to sell the property at Esezi Street Along Council Secretariat Road Okpe Local Government Area Delta State covered by Deed conveyance dated 20th June 2002 registered as No 18 page 18 volume 17 land Registry Asaba Delta State and a Tripartite Legal mortgage registered as No 31 page 31 Volume MT22 Land Registry Asaba Delta State, and the Cost of this legal action.
What do you think?