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

The corporation said this in a statement on Wednesday entitled ‘AMCON takes over assets of Northrich Technologies Ltd over N500m debt.’

“Northrich Technologies Limited is promoted by Alhaji Mukhtar Shinkafi and Alhaji Ahmad Shinkafi, among other directors of the company whose total indebtedness to AMCON is nearly N500m,” the statement said.

It said the court, in suit number 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 purchased with the facility.

 The court also granted an order freezing each and every account belonging to the company and its promoters.

AMCON said that as directed by the court, it had effectively taken over all the assets through its appointed law firm.

It said the case of Northrich Technologies and its promoters had been interminable because the loan was purchased by AMCON during the first phase of eligible bank assets purchases from Intercontinental Bank (now Access Bank) since 2011.

The corporation said Northrich Technologies and the Shinkafis had been offered various repayment proposals by AMCON since April 2012 but had 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 added.