{"id":24160,"date":"2020-07-13T13:24:08","date_gmt":"2020-07-13T13:24:08","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=24160"},"modified":"2020-07-13T13:24:14","modified_gmt":"2020-07-13T13:24:14","slug":"deap-capital-denies-reports-of-takeover-by-amcon","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=24160","title":{"rendered":"Deap Capital denies reports of takeover by AMCON"},"content":{"rendered":"\n
\"No<\/figure>\n\n\n\n

Deap Capital Management & Trust Limited Monday debunked reports that the Asset Management Corporation of Nigeria (AMCON) had taken possession of its assets over indebtedness totalling about N1.6 billion.<\/p>\n\n\n\n

Last week, various news reports<\/a> stated that AMCON had sequestered the financial services company\u2019s properties on the ground of its failure to settle the debt accruing from the corporation\u2019s purchase of banks\u2019 toxic assets.<\/p>\n\n\n\n

\u201cThe Asset Management Corporation of Nigeria (AMCON or the corporation) holds a significant equity stake in the company.<\/p>\n\n\n\n

\u201cThe corporation holds about 20% equity stake in the company. The company is indebted to AMCON. The indebtedness stands at about N1.6billion,\u201d Deap Capital said in its clarification note to the Nigerian Stock Exchange, signed by Yetunde Fashesin-Souza, Company Secretary.<\/p>\n\n\n\n

It went further to mention that AMCON had a court order lately to confiscate the assets of its company\u2019s former directors, meaning the properties in question are not those of the company.<\/p>\n\n\n\n

\u201cThe assets as described by the aforementioned news item, and referenced by a Press Release from AMCON are the assets of one of the company\u2019s former directors attached to the judgment,\u201d the document says.<\/p>\n\n\n\n

AMCON had declared in an earlier statement that it had taken control three properties situated at 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota, Lagos, 79, Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) and 38, Dele Orisabiyi Street, Okota-Isolo, Lagos belonging  to Emmanuel Ugboh, the chief promoter of Deap Capital.<\/p>\n\n\n\n

The state-owned firm has been on an asset recovery binge in recent weeks with the seizure of the assets of oil and gas firm, Pan Ocean Oil Corporation limited<\/a> for an accumulated credit of N240 billion numbering among its repossession efforts.<\/p>\n\n\n\n

\u201cThe company is resolving its indebtedness with AMCON. The company is working with its stakeholders to ensure its return to profitability. The company is resolving its operational challenges most notably the recovery of its operational licenses,\u201d the Deap Capital note says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deap Capital Management & Trust Limited Monday debunked reports that the Asset Management Corporation of Nigeria (AMCON) had taken possession of its assets over indebtedness totalling about N1.6 billion. Last week, various news reports stated that AMCON had sequestered the financial services company\u2019s properties on the ground of its failure to settle the debt accruing from the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nDeap Capital denies reports of takeover by AMCON » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=24160\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=24160#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Deap Capital denies reports of takeover by AMCON\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Deap Capital denies reports of takeover by AMCON » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=24160","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=24160#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Deap Capital denies reports of takeover by AMCON"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Deap Capital Management & Trust Limited Monday debunked reports that the Asset Management Corporation of Nigeria (AMCON) had taken possession of its assets over indebtedness totalling about N1.6 billion. Last week, various news reports stated that AMCON had sequestered the financial services company\u2019s properties on the ground of its failure to settle the debt accruing from the…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24160"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24160"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24160\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}