UBA Secures Court Ruling on N156bn Debt from Stallion Group
Justice Daniel Osiagor of the Federal High Court in Lagos confirmed United Bank for Africa Plc's (UBA) appointment of Romeo Ese as receiver/manager to recover an alleged N156.03 billion debt from Stallion Group. The ruling, delivered on a Friday, allows UBA to enforce its securities over properties pledged for the loan facilities.
The court restrained Stallion Group and other defendants from diverting receivables from government agencies, ensuring funds could be used to settle the debt. Justice Osiagor upheld the validity of the mortgage arrangements and dismissed an objection from Barbedos, the 12th defendant, regarding the need for consent before the transactions.
The judge noted that the defendants did not dispute their indebtedness but contested the claimed amount. The dispute originated in October 2023 when UBA secured interim orders to enforce its securities over Stallion Nigeria Limited's assets.
Stallion Group later disputed the debt, claiming substantial repayments and ongoing discussions with UBA.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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