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AMCON seizes assets of Deap Capital directors over N1.6b debt

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Sequel to order by Justice C.J. Aneke of Federal High Court, Lagos Division, Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to 14 directors of Deap Capital Management and Trust Plc over N1.6 billion debt.

Justice Aneke gave the order on January 18, 2021, and towards enforcing it, AMCON went about putting the logistics together. On February 23, 2021, the corporation took effective possession of the seven properties as listed by the court, through its debt recovery agent – Etonye & Etonye.

The properties include the ones situate at Plots 14, 15, 16 and 17 in Block 1B, Isolo-Ishaga Area, Mushin, Lagos State; Mile 3, Old Isheri Road, Ikeja, Lagos State; Plot 13, Block 65, Magodo Residential Scheme, Lagos State; No. 73, Femi Kila Street, Okota, Isolo, Lagos State; Plot 22, Block 91, Lekki Peninsula Residential Scheme, Lekki Area, Lagos; Government Land Allocation, Lekki Peninsula Scheme II, Lekki, Lagos State; and 2nd Avenue Estate Extension, Ikoyi, Plot No. 11 Eti Osa Local Government Area, Lagos State.

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The court also ordered freezing of bank accounts and shares of the company’s directors namely: David Ogwu, Anthony Ezeh, Clara Rotzler, Vincent Otiono, Vincent Sankey, Victoria Alo, Preye Ogriki, Treasure Afolanyan, Chief Nwagwu, Peter Ololo, Gordons Ejikeme, Joe Idudu, Falcon Securities Ltd and Rainoil Limited.

AMCON spokesman, Jude Nwauzor confirmed that all the properties have been taken over by AMCON with the assistance of court bailiffs, among other officials of the law.

On why the corporation waited for over a month before carrying out the order, Nwauzor said: “It takes a process to effect these orders. We are a government agency that is guided by law and order, and we must meet all the legal conditions before any enforcement is made. So, the length of delay is not the issue. The important thing is to carry out the order as guided by the law.”

AMCON, a debt recovery agency of Federal Government, had in July 2020, enforced on properties belonging to the promoter of the company, Emmanuel Ugboh, after offering him concessions and exploring all avenues to resolve the debt harmoniously, but to no avail.

Due to lack of adequate collateral, AMCON had to commence tracing of assets of the company’s directors, an exercise which revealed the seven properties the corporation has now enforced the order upon.

The corporation’s action is in line with section 61 of AMCON Act, 2010 and section 49 (1) & (2) of AMCON Act 2019 (As Amended). AMCON purchased the Non-Performing Loan (NPL) of Deap Capital Management & Trust Plc. during the first phase of Eligible Bank Assets (EBA) purchases from Zenith Bank and FCMB in 2011.

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