Troubled banks: Deap Capital’s boss petitions CBN over N30bn debt

ThE Managing Director of  Deap Capital Management and Trust Plc has petitioned the Central Bank of Nigeria (CBN) over the publication of his name as a director of Falcon Securities Limited, linking him with a N29.5 billion loan owed Afribank Nigeria Plc, by Falcon Securities.

The petition signed by Counsel to Ugboh, Chief Robert Clarke, discredited the report by the CBN, noting that Ugboh, who is a minority shareholder in Falcon Securities, was never a director in the firm and has no stake in major decision making activities of the firm, especially in the utilisation of the loan owed Afribank.

He said, “Our search at the Corporate Affairs Commission (CAC) on the filings by Falcon Securities Limited has confirmed that Mr. Emmanuel Ifeanyi Ugboh is not a director of Falcon Securities. That Mr. Emmanuel Ifeanyi Ugboh is a shareholder of Falcon Securities. His initial shareholding in the company was 200,000 shares of N1 each and through bonuses issued by the company over the years, this has increased to 519,988 shares of N1 each.

“That Falcon Securities Limited has a paid-up capital of N2.34 billion on N1 each out of which Mr. Ugboh has 519,988 shares of N1 each. This represents 0.02 per cent of the paid-up capital of the company.

“That as a shareholder of falcon Securities Limited, Mr. Emmanuel Ifeanyi Ugboh was never involved as either a director or major shareholder in the application for granting, issuance, disbursement or decision on the utilisation of the N29.5 billion loan of Falcon Securities Limited from Afribank Plc

“From the above findings, we therefore request that: The CBN remove Mr. Emmanuel Ugboh’s name as Director/Major shareholder from its records as it relates to the indebtedness of Falcon Securities to Afribank Plc, amounting to N29.5 billion.

“That the CBN should use its good offices to cause this fact to be rectified and publish same to amend the wrong information conveyed to the public by the misrepresentation published about Mr. Emmanuel Ifeanyi Ugboh, being a Director/major shareholder of Falcon Securites.”