The United Bank for Africa (UBA) Plc has seized the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano, following a Federal High Court order in Lagos in a debt lawsuit totaling N156,026,032,804.84.
The bank’s receiver-manager, Romeo Michael, executed the court order, protected by police personnel, in the three cities.
The court order, issued by Justice Akintayo Aluko on October 20, 2023, grants UBA control over the assets and restrains the defendants, including their directors, shareholders, employees, officers, and agents, from interfering with the receiver-manager’s duties.
The affected assets include properties in Port Harcourt, Lagos, and Kano, and the court has also frozen sums totaling N156 billion across various financial institutions.
Speaking on the development, the judge emphasized the importance of preserving the subject matter of the suit and issued an interim injunction against tampering with or dealing in any manner with the assets and monies subject to the order.
The court further scheduled a hearing for November 20, 2023, to consider the motion on notice.
According to court documents, UBA provided credit facilities to Stallion Nigeria Limited in 2014, with the understanding that the funds would be used by Stallion’s sister companies.
The defendants allegedly diverted funds, breached agreements, and failed to clear their debts amounting to N156 billion.
The legal action underscores the bank’s efforts to recover outstanding amounts and protect its interests in the face of contractual violations.