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AMCON Seizes DEAP Capital’s Assets

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Nigeria’s bad debt agency, the Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Deap Capital Management and Trust Limited over an outstanding N1.6 billion debt.

AMCON said John Tsoho, when he was a justice of the federal high court in Lagos, ruled in its favour against the company on January 28, 2015.

AMCON’s spokesperson Jude Nwauzor said another justice Abdullah Muhammad Liman granted the corporation leave to attach and sell properties traced to the company’s beneficial owner Emmanuel Ugboh.

In compliance with the order, AMCON said it had seized three properties located at 38 Dele Orisabiyi Street, Okota-Isolo, Lagos; 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota, Lagos; and 79, Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street), Lagos through its debt recovery agent.

The debt was said to have been purchased from Zenith Bank and First City Monument Bank in 2011 during the first phase of eligible bank assets (EBA) purchases.

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