• Wednesday, June 19, 2024
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N500m debt: AMCON takes over assets of Northrich Technologies

Untitled design – 2020-08-19T184513.172

A Federal High Court, Abuja, presided over by Justice A.I. Chikere, on Wednesday, gave a nod to Asset Management Corporation of Nigeria (AMCON) and its appointed law firm, Mildred & Patriarch Attorneys, to take over assets of Northrich Technologies Limited.

AMCON and Northrich Technologies have been in court in Suit No FHC/ABJ/CS/258/14, over an alleged N500 million indebtedness.

The court ordered AMCON to take over Plot 5, Zaria road, Damba Gusau local government area in 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 every account belonging to the Northrich and its promoters. AMCON as directed by the court has effectively taken over 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.

According to AMCON in a statement, Northrich Technologies had been offered various repayment proposals by AMCON since April 2012 but 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.”

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 said there would be no hiding place for individuals and organisations that have contributed to weakening the Nigerian economy by borrowing from a number of banks that have gone under.