UBA Wins Court Ruling in N156 Billion Debt Case

United Bank for Africa (UBA) Plc announced a favorable judgment from the Federal High Court in Lagos in its ongoing dispute with Stallion Group and the Vaswani brothers over an alleged N156 billion debt. Justice Daniel Osiagor upheld the appointment of Romeo Ese as Receiver/Manager for assets related to the debt recovery.

The court ruled on various issues, including the enforceability of mortgage securities and the liability of guarantors. UBA stated that the defendants did not dispute their indebtedness but contested the claimed amount.

The court determined that the reconciliation of accounts did not invalidate the debt obligations. Additionally, the court dismissed objections from the 12th defendant regarding proprietary rights over the mortgaged property.

UBA reported that the court issued orders to restrain the defendants from diverting receivables from government agencies, protecting UBA's recovery interests. The judgment also affirmed the liability of the guarantors under the financing arrangements, strengthening UBA's position in the debt recovery process.