UBA Wins Landmark ₦156bn Debt Case Against Stallion Group

United Bank for Africa (UBA) Plc achieved a major legal victory in its ₦156 billion debt recovery case against the Vaswani brothers and Stallion Group. The Federal High Court, presided over by Justice Daniel Osiagor in Ikoyi, Lagos, delivered the judgment on a Friday, affirming the court's jurisdiction and upholding UBA's enforcement measures against the defendants.

The court noted that the defendants did not dispute their indebtedness to UBA but contested the claimed amount. Justice Osiagor ruled that this disagreement did not invalidate the underlying debt.

The court also confirmed the validity of the reconciliation exercise between the parties, stating it did not extinguish UBA's recovery rights. Furthermore, the appointment of Romeo Ese as Receiver/Manager was upheld, granting him the authority to take possession of mortgaged properties and seek protective orders.

An objection from the 12th Defendant regarding the mortgaged property was dismissed, as they failed to establish any proprietary rights.