Following the publication of the list of debtors published by the Asset Management Corporation of Nigeria (AMCON), the United Capital Trustees Limited (UTCL) has denied being indebted to the Corporation.

In a statement signed by Leo Okafor, United Capital Plc’s Company Secretary, the wealth management and financial advisory service, also claimed it had never owed AMCON anything.

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 which are reportedly owing.

Reacting to the list, the 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, Nnahi 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.

“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.”

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