UBA Wins Court Ruling Against Stallion Group in Debt Case

United Bank for Africa Plc (UBA) secured a significant court victory in its debt recovery dispute with Stallion Group, as the Federal High Court in Ikoyi, Lagos, upheld the appointment of UBA’s receiver-manager, Romeo Ese Michael, and affirmed the bank's mortgage security. Justice Daniel Osiagor ruled in favor of UBA, granting the reliefs sought, including the authority for the receiver-manager to take possession of the mortgaged property and seek protective court orders.

The court also restrained the defendants from diverting receivables from government agencies. Barbedos Ventures Limited, the 12th defendant, failed to establish proprietary rights over the property, leading to the dismissal of their objections.

Although the defendants acknowledged their indebtedness, they contested the amount owed, which UBA claimed to be ₦156.03 billion. The ruling reinforced UBA's legal position in enforcing its mortgage security and pursuing debt recovery from both primary borrowers and guarantors.