UBA Wins Court Case Against Stallion Group Over N156B Debt

United Bank for Africa (UBA) Plc has won a judgment at the Federal High Court in Lagos against Stallion Group and the Vaswani brothers, concerning an alleged N156 billion debt. Justice Daniel Osiagor upheld the appointment of Romeo Ese as Receiver/Manager for asset recovery.

The court ruled in favor of UBA on various issues, including the enforceability of mortgage securities and the liability of guarantors. The dispute involves Stallion Group, led by Group Chairman Sunil Vaswani and Managing Director/CEO Mahesh Vaswani.

The court recognized UBA's authority to take possession of mortgaged property and issued orders to prevent the defendants from diverting receivables from government agencies. UBA stated that the defendants did not dispute their indebtedness but contested the claimed amount.

The court dismissed objections regarding proprietary rights over the mortgaged property and affirmed the liability of the guarantors. The full details of the court's orders and potential appeal grounds remain to be confirmed.