United Capital Refutes AMCON’s Claim of Indebtedness

The United Capital Trustees Limited (formerly UBA Trustees Limited) has said it is not indebted to the Asset Management Corporation of Nigeria (AMCON).

The statement by United Capital, which was signed by the Company Secretary, United Capitals Plc, Leo Okafor, followed a recent list of debtors that was published by the corporation dated Wednesday, July 31, 2019.

It explained: “This is to inform you, that United Capital Trustees Limited (UTCL) is not indebted and has never been indebted to AMCON.

“The relationship between UTCL and Geometrics Power Limited stemmed from a Blind Trust set up by the Chairman of Geometrics Power Limited when he was appointed Minister by the previous administration and to avoid conflict of interest in his duty as Minister, had appointed UCTL and Mr. Austin Akpe (representing UCTL) to the board of Geometrics Power Limited. “The relationship was only for the period when he 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 Chairman in 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.

“In view of the information above, we request your platform to kindly exclude the names of United Capital Trustees Limited (UTCL) formerly UBA Trustees Limited and Mr. Austin Akpe from the list of AMCON Debtors.”