{
  "id": 14978837,
  "title": "UBA claims court victory in N156 billion debt dispute with Stallion Group, Vaswani brothers",
  "url": "https://urgent.news/2026/10/16/uba-claims-court-victory-in-n156-billion-debt-dispute-with-stallion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-16T15:16:13.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/16/uba-claims-court-victory-in-n156-billion-debt-dispute-with-stallion-group-vaswani-brothers/"
  },
  "original_language": "en",
  "account": "United Bank for Africa (UBA) has secured a favorable ruling from the Federal High Court in Lagos in its ongoing legal battle with Stallion Group and the Vaswani brothers over a reported N156 billion debt. The court, presided over by Justice Daniel Osiagor, upheld the appointment of Romeo Ese as Receiver/Manager over assets linked to the debt recovery proceedings. The bank claimed the judgment confirmed its right to enforce mortgage securities associated with the disputed facilities and granted its other requested reliefs, including the authority of the Receiver/Manager to seize the mortgaged property and apply for protective orders if needed. The dispute centers around Stallion Group's Group Chairman, Sunil Vaswani, and Managing Director/Chief Executive Officer, Mahesh Vaswani. While the bank stated the defendants did not contest the existence of debt, they challenged the claimed amount. The court ruled the reconciliation of accounts between parties did not negate the underlying debt obligations. UBA also reported the court dismissed objections over proprietary rights to the mortgaged property, finding the defendant had not proven sufficient ownership to require consent before the mortgage was established. The bank further noted the court issued orders halting defendants from diverting receivables from government agencies to protect UBA's recovery interests. The judgment, according to UBA, reinforces the enforceability of mortgage securities and the authority of appointed receivers to recover debts under applicable legal arrangements. It bolsters the bank's ability to pursue the outstanding obligations and safeguard its stakeholders' interests. However, the specific assets affected, grounds for potential appeal, and whether the defendants plan to contest the decision remain unclear pending the full judgment release. This development follows UBA's legal actions against Stallion Nigeria Limited and associated entities since 2023, initiated over an alleged N156 billion debt. The company argued that Stallion Nigeria Limited was the sole entity within Stallion Group to have a financing contract with UBA, disputing the broader claims involving associated companies.",
  "summary": "United Bank for Africa (UBA) Plc says it has secured a favourable judgment at the Federal High Court in Lagos in its long-running dispute with Stallion Group and the Vaswani brothers over an alleged N156 billion debt. The post UBA claims court victory in N156 billion debt dispute with Stallion Group, Vaswani brothers appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}