Deap Capital Management Clarifies Rumour on AMCON’s Takeover

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Deap Capital Management & Trust Plc clarifies the news item from various online sources, especially The Cable, dated 9 July 2020, and captioned AMCON takes over assets belonging to Deap Capital-sixth seizure in 21 days”

The Company hereby makes the following clarifications:

  1. The Asset Management Corporation of Nigeria (AMCON or the Corporation) holds a significant equity stake in the Company. The Corporation holds about 20% equity stake in the Company.
  2. The Company is indebted to AMCON. The indebtedness stands at about N1.6 Billion.
  3. The indebtedness arose from the Corporations purchase of eligible bank assets.
  4. The Corporation instituted an action against the Company in the Federal High Court, Lagos and judgment were delivered on January 28, 2015.
  5. The Corporation had judgment awarded in its favour in the above suit.
  6. Pursuant to the judgment, the Corporation instituted recovery processes against the Company.
  7. The Corporation recently secured a Court Order to attach the assets of the Company’s former directors.
  8. The assets as described by the aforementioned news item, and referenced by a Press Release from AMCON are the assets of one of the Company’s former directors attached to the judgment.
  9. The Company is resolving its indebtedness to AMCON.
  10. The Company is working with its stakeholders to ensure its return to profitability.
  11. The Company is resolving its operational challenges most notably the recovery of its operational licenses.
  12. The Company’s Board of Directors is committed to resolving all issues.
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