UBA's Receiver Appointment Upheld by Court in Debt Case
The Federal High Court in Lagos, presided over by Justice Daniel Osiagor, upheld the appointment of Romeo Ese as receiver/manager by United Bank for Africa (UBA) Plc to recover an alleged debt of N156.03 billion owed by Stallion Group. The court ruled that the defendants did not dispute their indebtedness but contested the claimed amount.
Justice Osiagor confirmed UBA's right to enforce its securities over the mortgaged properties and restrained the defendants from diverting payments due from government agencies. The court dismissed an objection from Barbedos, the 12th defendant, regarding the mortgage arrangements, stating that Barbedos failed to prove any proprietary interest in the mortgaged property.
The dispute originated in October 2023 when UBA sought interim orders to enforce its securities over Stallion Nigeria Limited's assets. Stallion Group had previously disputed the debt, claiming substantial repayments and ongoing discussions with UBA regarding account reconciliation.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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