UBA wins N156bn debt recovery suit against Stallion Group, Vaswani Brothers
United Bank for Africa, UBA, Plc has secured a court ruling in its three-year effort to recover funds it says Stallion Group owes. The Federal High Court upheld the bank’s receiver-manager appointment, its mortgage security and the liability of the guarantors. Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, resolved all issues […] UBA wins N156bn debt recovery suit against…
The Federal High Court in Ikoyi, Lagos, recently ruled in favor of United Bank for Africa (UBA) in its three-year quest to recover funds from Stallion Group. The court confirmed the appointment of Romeo Ese Michael as receiver-manager, granting him authority to seize the mortgaged property and seek protective orders to bolster UBA's recovery efforts.
Justice Daniel Osiagor ruled that the defendants did not contest their debt but argued over the amount owed, and dismissed objections by Barbedos Ventures Limited due to lack of proprietary rights. UBA had initially claimed a debt of ₦156.03 billion, which the court upheld. The judgment reiterates the principle in Nigerian law that contesting the amount owed does not bar a creditor from enforcing security.
This victory is significant for UBA's efforts to recover its exposure to Stallion Group and protect the interests of its stakeholders.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
