The Asset Management Corporation of Nigeria (AMCON) says it has seized three properties in Lagos belonging to Deap Capital Management & Trust Plc (DEAPCAP) over N1.6 billion debt.
The corporation stated this in a release on Wednesday, saying the seizure followed a judgement of Justice John Tsoho formerly of a Federal High Court in Lagos, and another by Justice Abdullah Liman, granting AMCON leave to attach and sell traced properties of the company’s chief promoter, Emmanuel Ugboh.
The affected properties are located at No. 38, Dele Orisabiyi Street, Okota-Isolo; No. 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota; and No. 79 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street), all in Lagos.
According to the statement, the court also ordered the forfeiture of the credit balances, monies and/or funds in the bank accounts of Mr Ugboh in favour of AMCON, and in satisfaction of the outstanding judgement sum per judgment of Justice Tsoho first delivered on January 28, 2015.
AMCON said it complied with the enforcement order on July 1, 2020, when it took effective possession of the properties.
The corporation said the loan was purchased during the first phase of Eligible Bank Assets (EBA) from Zenith Bank and FCMB in 2011, after which it engaged the company in a legal battle since 2012.
The seizure, the corporation said, is in line with Section 49 (1) & (2) of the AMCON Act 2019 (as amended).
It said: “Section 49 (1) of the Act states that ‘Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bona fide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of action for debt recovery or other like action or at any time after the filing of action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.
“(2) The Corporation shall serve a certified true copy of the order of the court issued under subsection (1) on the debtor or debtor company. (3) Notwithstanding anything to the contrary in any enactment, an order made under subsection (1) shall subsist till judgment or a final determination of the action, unless expressly discharged by the court.”
DEAPCAP had only in June announced that the Securities and Exchange Commission (SEC) had reinstated its former board of directors which were appointed at the 2014 annual general meeting.
The board comprises Murtala Aliyu (chairman), William Odudu (director) and Jacob Esan (managing director).
