AMCON Takes over Northrich Technologies’ Assets

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Obinna Chima

Justice A.I. Chikere of the Federal High Court, who presided over the suit between the Asset Management Corporation of Nigeria (AMCON) and Northrich Technologies Limited, has ordered the corporation and its appointed law firm, Mildred & Patriarch Attorneys, to take over assets of the company.

Head, Corporate Communications of AMCON, Jude Nwauzor, disclosed this in a statement yesterday.

Northrich Technologies Limited is promoted by Alhaji Mukhtar Aliyu Shinkafi and Alhaji Ahmad Aliyu Shinkafi among other directors of the company whose total indebtedness to AMCON was put at about N500 million.

According to the statement, the court in suit no: FHC/ABJ/CS/258/14-AMCON vs. Northrich Technologies Limited ordered AMCON and its appointed law firm to take over Plot 5, Zaria Road, Damba Gusau Local Government Area of Zamfara State, measuring about 11 hectares with C of O number GS/G/1443 and SOK; 1501, residential plot on Shinkafi Road, Sokoto State, belonging the defendants as well as all the equipment purchased with the facility.

The court also granted an order freezing every account belonging to the company and its promoters. AMCON as directed by the court has effectively taken over all the assets through its appointed law firm.

“The case of Northrich Technologies Limited and its promoters has been interminable because the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Intercontinental Bank (now Access Bank) since 2011.

“Northrich Technologies and the Shinkafis had been offered various repayment proposals by AMCON since April 2012, but have been unable to meet any of the terms. Having shown a clear inability to settle its indebtedness, the corporation had no other option than to seek justice in court,” the corporation said.

It noted that with the renewed AMCON Act, which was signed into law by President Muhammadu Buhari, giving additional powers to go after some recalcitrant obligors, the corporation has resolved that there would be no hiding place for these individuals and organisations that have contributed in the destruction of the Nigerian economy by borrowing a number of banks into extinction.

According to it, “The re-energised Act of the corporation coupled with the fact that the management of AMCON led by its Managing Director/CEO, Ahmed Kuru, switched its strategy to enforcement mode. The government agency has been in rapid response with its enforcements activities across the country irrespective of the challenges created by the ravaging COVID-19 pandemic, all of which are backed by strong judicial support.”