AMCON takes over assets of Northrich Technologies over N500m debt

19th August 2020

The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Northrich Technologies Limited over failure of the company to repay N500 million debt. This follows the order of Hon. Justice A.I. Chikere of the Federal High Court, who presided over the suit between AMCON and  Northrich Technologies Limited. AMCON in a statement said, “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 is nearly N500 million.

“The court in suit Suit No. FHC/ABJ/CS/258/14 – AMCON V. Northrich Technologies Limited ordered AMCON and its appointed law firm to take over Plot 5, Zaria Road, Damba Gusau Local Government Area, 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 equipments that were purchased with the facility.

“The court also granted an order freezing each and 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 but to seek justice in court.”