The Asset Management Corporation of Nigeria AMCON has taken over three landed property belonging to Deap Capital Management and Trust Limited over unresolved N1.6billion debt owed the commission since 2012.

This is sequel to an order of a Federal High Court, Lagos division, presided over by Justice J.T. Tshoho (as he then was), which in addition to the seizure of the three landed property, also granted the corporation leave to attach and sell any property traced to the chief promoter of the company, Mr. Emmanuel Ugboh.

The affected property include one situate at no. 38, Dele Orisabiyi Street, Okota-Isolo, Lagos State, another one located on no. 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota, Lagos State, and another property located at no. 79 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street), also in Lagos State.

A statement signed by the Public Relations Manager of the corporation, Jude Nwauzor, said that in compliance with the order of the court, AMCON on July 1, 2020 took effective possession of three landed property through its debt recovery agent; the law firm of Etonye & Etonye.

Other leave granted the corporation include the forfeiture of the credit balances, monies and/or funds in the bank accounts of Mr. Emmanuel Ugboh in favour of AMCON and in enforcement of the outstanding judgment sum per judgment of Justice Tsoho first delivered on January 28, 2015.

AMCON had during the first phase of Eligible Bank Assets EBA purchases from Zenith Bank and FCMB since 2011, acquired the from Deap Capital Management and Trust Limited and its promoter the Ni16billion debt and subsequently instituted the case since 2012, having offered the obligor series of opportunities to negotiate the repayment without success.

It was gathered that due to the lack of adequate collateral, the corporation had to commence asset tracing on Mr. Emmanuel Ugboh, an exercise which revealed landed property of the obligor in Lagos State, which led to is enforcement of the court order. This is in line with section 49 (1) & (2) of the AMCON Act 2019 (As Amended).

This section 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.

“The corporation shall serve a certified true copy of the order of the court issued under subsection (1) on the debtor or Debtor Company. 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.”