N156bn Debt: Court Upholds UBA’s Receiver Appointment, Bars Diversion of Stallion Group’s
Wale Igbintade The Federal High Court in Lagos has upheld the appointment of a receiver/manager by United Bank for Africa (UBA) Plc to recover an alleged N156.03 billion debt owed
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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