AMCON Seizes Firm’s Assets Over N500m Loan Default

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The Assets Management Corporation of Nigeria (AMCON) has seized the assets of Northrich Technologies Limited Company for the default in repaying about N500 million loan since 2011 windows for that was opened to it.

According to a statement by AMCON on Wednesday, the promoters of the firm include Alhaji Mukhtar Aliyu Shinkafi, and Alhaji Ahmad Aliyu Shinkafi and other directors.

The firm and its promoters took non-performing loan from Intercontinental Bank (now Access Bank), and during the first phase of Eligible Bank Assets (EBA) purchases, it was transferred to AMCON in 2011.

Northrich was offered various repayment proposals by AMCON since April 2012 but they could not 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,’ the statement noted.

AMCON said Hon. Justice A.I. Chikere sitting at a Federal High Court, ordered AMCON and its appointed law firm, Mildred & Patriarch Attorneys, to take over the assets.

According to the court in Suit No. FHC/ABJ/CS/258/14 – AMCON V. Northrich Technologies Limited, AMCON would 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 firm, and equipment in the property.

The court also granted an order to freeze the company’s accounts and its promoters.

AMCON in the statement said it has already and effectively taken over all the assets through its appointed law firm as ordered by the court.

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