September 23, 2020
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Deap Capital says resolving issues around operational license, AMCON debt

By on July 13, 2020 0 70 Views

Nigeria’s Deap Capital Management & Trust Plc, a company listed on the local bourse on Monday said it was working toward regaining its operational licence after the assets of the firm were taken over by the country’s ‘bad bank.’
In a regulatory filing on Monday, the company said it was indebted to the Assets Management Corporation of Nigeria (AMCON) to the tune of N1.6 billion arising from the corporation’s purchase of eligible bank assets.
According to the filing, the company is working with all its stakeholders to ensure its return to profitability and resolve all issues around its present status.
AMCON had earlier this month assumed control of the company’s assets following a court judgment against its former directors and attached the assets of the firm to the assets recovery ruling of the court.
It said the AMCON currently owns 20 percent stake in Deap Capital while the firm is working toward resolving its indebtedness to the corporation.
AMCON was set up by the government at the peak of the financial crisis in 2011 to resolve the non-performing loan assets of the banks in the country.
The corporation has since inception embarked on assets and loan recovery, especially the bad loans purchased from both exiting banks and inherited assets of defunct financial institutions.
The corporation has since taken over some of the assets of directors and company indebted to it through court processes in a bid to recover over N5 trillion debt.

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