N5trn Debt: United Capital Denies Owing AMCON

AMCON

The United Capital Trustees Limited (UTCL) has challenged its inclusion amongst top institutions and individuals owing the Asset Management Corporation of Nigeria (AMCON).

Head, Corporate Communications of the company, Efeturi Doghudje, in a statement, claimed that it had never owed AMCON any money.

AMCON had in a letter dated Wednesday, July 31, 2019, released the list of its debtors, in which United Capital (formerly UBA Trustees Limited) was mentioned to be among the promoters of Geometrics Power Limited, one of the firms that reportedly owing the Corporation.

Reacting to the list, the statement said: “UTCL maintained that the relationship it has with Geometrics Power Limited stemmed from a ‘Blind Trust’ set up by the Chairman of Geometrics, Prof. Bart O. Nnaji when he was appointed Federal Minister of Power by the previous administration.”

According to UTCL, in order to avoid conflict of interests in his duty as a Minister, Nnaji had appointed the UTCL and Austin Akpe (representing UCTL) to the board of Geometrics Power Limited.

UTCL explained that the relationship was only for the period when Nnaji was Minster and it ceased immediately he resigned from the Executive Cabinet and returned to Geometrics Power Limited to resume its management and administration.

The UTCL’s statement read,

“The Chairman on January 29, 2014, terminated the Blind Trust with United Capital Trustees Limited and took full charge of Geometrics Power Limited but omitted to regularise or reconstitute the board by deleting the name of United Capital Trustees Limited (UTCL) and Mr Austin Akpe.”

Credit: Vanguard.

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