AMCON Takes Over Deap Capital Management & Trust Limited
The Asset Management Corporation, AMCON, has taken over the Deap Capital Management and Trust over an unpaid N1.6 billion debt.
Hon. Jstice A.M. Liman granted the Corporation leave to attach and sell traced properties of the Chief Promoter of the company, Mr. Emmanuel Ugboh over a distressing indebtedness, which now stands at over N1.6 billion.
This judgement rides on the order of Hon. Justice J.T. Tshoho – as he then was- of the Federal High Court, Lagos division, which had granted AMCON judgment against Deap Capital Management and Trust Limited.
Now, the Honourable court also ordered the forfeiture of the credit balances, monies and/or funds in the bank accounts of Mr. Emmanuel Ugboh in favour of AMCON.
This is in satisfaction of the outstanding judgement sum per judgment of Hon. Justice Tsoho first delivered on January 28, 2015.
In compliance to the enforcement order, AMCON on July 1, 2020 took effective possession of three properties through its Debt Recovery Agent – The law firm of Etonye & Etonye.
These include properties situate at 38, Dele Orisabiyi Street, Okota-Isolo, Lagos State and 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota, Lagos State.
Also, another property located at No. 79 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street), Lagos State.
The case of Deap Capital Management and Trust Limited and its promoter has been a prolonged issue.
The loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) from Zenith Bank and FCMB since 2011.
AMCON engaged the company in a legal battle since 2012 and offered the obligor series of opportunities to negotiate his repayment to no avail.
As a matter of fact, due to the lack of adequate collateral, AMCON had to commence asset tracing on Mr. Emmanuel Ugboh, the exercise which revealed properties of the obligor situate in Lagos State.
The Corporation has now enforced upon this is in line with Section 49 (1) & (2) of the AMCON Act 2019 (As Amended).
AMCON Takes Over Deap Capital Management & Trust Limited
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