Justice A.I. Chikere of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Northrich Technologies Limited has ordered AMCON and its appointed law firm, Mildred & Patriarch Attorneys, to take over assets of the company. 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 N500million.
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 lawfirm.
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.