Deap Capital Addresses Takeover By AMCON, Clarifies Assets Lost

Deap Capital Management and Trust Plc has denied that Asset Management Corporation of Nigeria (AMCON), took over its assets. The company said the asset AMCON took over belonged to its former directors and not the company as a whole.

Deap Capital Management said although it is indebted to AMCON, with debt worth N1.6 billion, it is still resolving its indebtedness to AMCON. The company further explained that AMCON has a significant stake in Deap Capital Management, making AMCON a key stakeholder in the company.

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In a statement obtained by AllNews from the Nigerian Stock Exchange (NSE), Deap Capital Management said AMCON took over the assets following a court order directing AMCON to seize the assets belonging to its former director, "The corporation (AMCON) instituted an action against the Company in the Federal High Court, Lagos and judgement was delivered on January 28, 2015.

"The Corporation had judgment awarded in its favour. Pursuant to the judgment, the Corporation instituted recovery processes against the Company. The Corporation recently secured a Court Order to attach the assets of the Company's former directors." Deap Captal Management said in the statement, clarifying that the takeover was done on its former directors' assets.

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It also stated that the company is resolving its operational challenges, most notably the recovery of its operational licenses.