Banking/Finance Brand Intelligence News

N156bn debt: UBA takes Over Stallion Group’s Assets

THE United Bank for Africa, UBA, Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt and Kano, following an order of a Federal High Court in Lagos, in an alleged N156,026,032,804.84 debt suit.

 The bank’s receiver manager, Romeo Michael and court bailiffs protected by the police on Friday, in the three cities, executed the interim orders made by Justice Akintayo Aluko on October 20, 2023.

 The judge made the order after hearing Temilolu Adamolekun, who appeared with Mohammed Usman, move the motion ex-parte as counsel for the plaintiff/applicants, supported by an affidavit in support deposed to by Mr. Anthony Chilaka, in the suit.

In granting UBA’s prayers, Justice Aluko also restrained the defendants, their directors, shareholders, employees, officers, and agents, from interfering with or frustrating the receiver/manager from exercising all the powers vested in him or performing his duties as receiver of the mortgaged properties.

 The order will last pending the hearing and determination of the motion on notice, which the court adjourned till November 20, to hear.

The affected assets include mortgaged property known as “all that piece or parcel of land together with any building thereon” at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State.

 ”Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, KM17, Lagos Badagry Expressway, Lagos State and No. 54, Challawa Industrial Estate, Kano State, Nigeria.”

Credit: By Innocent Anaba

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