UBA assumes control of Stallion Group’s assets amid N156 billion debt dispute

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UBA assumes control of Stallion Group's assets amid N156 billion debt dispute
UBA assumes control of Stallion Group's assets amid N156 billion debt dispute

The United Bank for Africa (UBA) Plc has assumed control of Stallion Nigeria Limited’s assets and subsidiaries in Lagos, Port Harcourt, and Kano following a Federal High Court order in a debt suit totaling N156,026,032,804.84.

Romeo Michael, the bank’s receiver-manager, accompanied by court bailiffs under police protection, executed the interim orders issued by Justice Akintayo Aluko on October 20, 2023, in the three cities.

The court’s decision, prompted by a motion ex-parte presented by Temilolu Adamolekun and Mohammed Usman as counsel for the plaintiff/applicants, supported by an affidavit from Mr. Anthony Chilaka, granted UBA’s prayers.

Justice Aluko also enjoined the defendants, including their directors, shareholders, employees, officers, and agents, from obstructing or impeding the receiver/manager in exercising his powers or performing his duties regarding the mortgaged properties.

The order remains effective until the hearing and determination of the motion on notice, scheduled for November 20.

The assets affected include the mortgaged property at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, and other locations in Port Harcourt, Lagos State, and Kano State, Nigeria.