Justice J.T. Tshoho (as he then was) of the Federal High Court, Lagos Division, has granted the Asset Management Corporation of Nigeria judgment against Deap Capital Management and Trust Limited.
In the same vein, Justice A.M. Liman, granted the Corporation leave to attach and sell traced properties of the chief promoter of the company, Mr. Emmanuel Ugboh, over a distressing indebtedness of over N1.6bn.
Besides, the court also ordered the forfeiture of the credit balances, monies and/or funds in the bank accounts of Ugboh in favour of AMCON and in satisfaction of the outstanding judgement sum per judgment of Justice Tsoho first delivered on January 28, 2015.
In compliance with the enforcement order, AMCON on July 1, 2020 took effective possession of three properties through its Debt Recovery Agent – The law firm of Etonye & Etonye, which include properties situated at No. 38, Dele Orisabiyi Street, Okota-Isolo, Lagos State, 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), Lagos State.
The case has been a prolonged issue because the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Zenith Bank and FCMB since 2011.
AMCON engaged the company in a legal battle since 2012 and offered the obligor series of opportunities to negotiate his repayment to no avail.
Due to the lack of adequate collateral, AMCON had to commence asset tracing on Ugboh, an exercise which revealed properties of the obligor situated in Lagos State, which the corporation has now enforced upon, which is in line with Section 49 (1) & (2) of the AMCON Act 2019 (As Amended).