N156 Billion Debt Recovery Suit: Stallion Group appeals ruling upholding UBA’s appointment of receiver/manager
In a statement issued on Friday and seen by PREMIUM TIMES, the group noted that it vehemently disagrees with the ruling and will pursue the appeal vigorously. The post N156 Billion Debt Recovery Suit: Stallion Group appeals ruling upholding UBA’s appointment of receiver/manager 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.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
