The management of United Capital Trustees Limited (UCTL) has refuted claims by the Asset Management Corporation of Nigeria (AMCON) that the company was part of those indebted to the asset recovery agency to the tune of N5 trillion.
UCTL, which was formerly known as UBA Trustees Limited, disclosed in a statement that it got involved with Geometrics Power Limited, one of firms on the debtors’ list, when its Chairman, Professor Bart Nnaji, was appointed as a Minister by federal government.
In the statement signed the scribe of United Capital, Mr Leo Okafor, it was explained that, “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,” the statement said.