Court upholds appointment of receiver/manager in debt recovery suit against Stallion Group
In a judgment delivered by Justice Daniel Osiagor on Friday, the court granted all the reliefs sought by the bank, affirmed its jurisdiction to hear the case, and upheld the appointment of the receiver/manager, Romeo Ese, as valid. The post Court upholds appointment of receiver/manager in debt recovery suit against Stallion Group appeared first on Premium Times Nigeria .
The Federal High Court in Lagos has ruled in favor of United Bank for Africa (UBA) Plc, appointing a receiver/manager to recover a claimed N156.03 billion debt owed by Stallion Group. Justice Daniel Osiagor upheld the bank's right to enforce its securities over the properties pledged against the loans and confirmed the appointment of Romeo Ese as receiver/manager.
The court also barred the defendants from diverting receivables due to them from government agencies, in an effort to prevent the diversion of funds that could aid the bank's recovery efforts. The dispute between UBA and Stallion Group dates back to October 2023, when UBA obtained interim orders to enforce its security over assets belonging to Stallion Nigeria Limited and its subsidiaries.
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