Stallion Nigeria Limited has refuted and declared as totally false UBA’s claim that Stallion Group is indebted to it to the tune of N156 billion.

The Company stated that there is no debt of any kind on the part of the Stallion Group to UBA, as the only entity within the Stallion Group that had a financing agreement with UBA is Stallion Nigeria Limited.

No other Garanhão entity has ever obtained any facility from the UBA. Secondly, Stallion Nigeria Limited does not owe UBA the alleged sum of N156 billion, the company said in a statement on Tuesday, December 12, 2023, issued by Alhajj Tajudeen Olalere. CEO.

The company said:

“Stallion Nigeria Limited was assured of accounts reconciliation exercise by UBA before the Bank surreptitiously approached the Federal High Court for interim orders of injunction by way of ex parte application on a false receivership claim against Stallion Nigeria Limited and some of its sister companies operating in Nigeria but not against the Stallion Group as falsely reported in the media.

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“Stallion Nigeria Limited and its affected sister companies, named as co-defendants in the suit, vehemently oppose UBA’s action in the Federal High Court.

“The majority of Stallion Group companies are not affected in any way by the action brought by UBA and neither their assets nor their operations are affected by the UBA legal action. Under Nigerian law, a court does not assume jurisdiction over any party who is not expressly named as a defendant in an action before it.

“Stallion Nigeria Limited has exercised its right to appeal against the decision of the Federal High Court which refused to set aside the ex-parte orders granted in favor of UBA Plc.

“In the Notice of Appeal made available to the press, the Company stated that the Judge erred on ten grounds, which include the incompetence of the action that stole the Jurisdiction's forum to accept the Action. Stallion stated that the Court refused to consider several distorted facts and materials concealed by UBA in its ex parte application to the court for interim relief.

“Stallion maintained that through due reconciliation of accounts, the allegation of UBA's indebtedness is unfounded, since it, throughout the period of its relationship with the Bank, made several deposits into the account, the payments of which were made despite not yet having received product from the co-financed supply contract with the Federal Government.

“The company maintained that it was already under discussion and had a firm commitment from the UBA management to reconcile the account before the Bank surreptitiously approached the Court in bad faith.

“The company also denied the allegation of dissipation of its assets, given that the assets are real estate and have a value combined with receivables greater than the alleged indebtedness, a fact that the court inexplicably minimized.

“Stallion stated that it is already documenting its losses resulting from the invasion of its commercial premises by UBA and will continue to reserve the right to seek and enforce compensation for damages arising from the interruption of its operations, as was equally maintained and damages of 72 billion naira (seventy-two billion naira) awarded by another judge of the same Federal High Court against Ecobank in favor of Honeywell for similar and unjustified business interruption.”

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