Directors of DEAP Capital Management & Trust Plc Have all suddenly Resigned

In what can best be described as a dramatic move, all the Executive Directors of DEAP Capital Management & Trust Plc have resigned with immediate effect. According to a corporate action that was filed earlier today by the company, as seen on the Nigerian Stock Exchange website, all the directors resigned on December 31st, 2020.

Following this development, the Securities and Exchange Commission (SEC) has appointed a 3-member interim management team comprised of the following individuals:

1. Mrs Anastasia Braimoh (Chairperson)
2. Mr Alhasan Sidi, and
3. Mrs Gbemi Adekola

These three individuals will administer the affairs of DEAP Capital Management & Trust Plc for the meantime. The statement by the company further disclosed that the interim management team will schedule an emergency general meeting during which a new Board of Directors will be constituted for the company.

Interestingly, the directors’ resignation came barely six months after they were reinstated to their positions by the Securities and Exchange Commission. Checks by Business Elites Africa showed that the formers directors (Murtala Aliyu, William Odudu, and Jacob Esan) were on June 22nd, 2020 reinstated because SEC refused to recognise the resolutions that were passed during the company’s recent-held Annual General Meeting. It is, therefore, surprising as to why the Directors decided to leave the company suddenly. No explanation was given by DEAP Capital Management & Trust Plc.

https://atomic-temporary-203083154.wpcomstaging.com/2021/01/27/union-bank-plc-dispels-rumour-about-potential-divestment-by-atlas-mara-limited/

Founded in 2002, DEAP Capital Management & Trust Plc is a specialist fund and portfolio management company that operates in the mortgage, capital market, and oil and gas sectors of the Nigerian economy. As its name implies, the company offers portfolio management, financial advisory services, and issuing house services.

The company’s stock closed today’s trading session on the Nigerian Stock Exchange at N0.20.