AMCON takes over Northrich Technologies’ property over N500m debt

The Asset Management Company of Nigeria (AMCON) has taken over assets belonging to a Lagos-based technology deployment solutions provider, Northrich Technologies Limited, over the latter’s failure to settle a N500 million debt.

AMCON’s Head of Corporate Communications, Jude Nwauzor, said this on Wednesday in a statement titled ‘AMCON Takes over Assets of Northrich Technologies Limited over N500 Million Debt.’

According to him, Justice A.I Chikere of the Federal High Court, who presided over the suit between the two parties had ordered the corporation and its appointed legal firm, Mildred & Patriarch Attorneys to sequestrate the assets of Northrich Technologies.

AMCON has been undaunted in the pursuit of its N5 trillion debt recovery target, with the current move becoming its fifth asset takeover in less than two months, having confiscated the properties of Pan Ocean Oil Corporation Limited, Deap Capital Management & Trust Limited, SafeQuip Nigeria Limited and R.C. Omeaku and Sons Limited between 3rd July and now.

“The court in 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 to the defendants, as well as all the equipment 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 statement said.

It observed that the case of Northrich Technologies Limited and its promoters had remained interminable on the grounds that the loan was purchased by AMCON during the first phase of Eligible Bank Assets purchases from the defunct 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,” it said.