UBA take over Dubai-based Stallion Group’s assets over N156bn debt, lists Kuda, Opay, others

The United Bank for Africa (UBA) has taken over the assets of Stallion Nigeria Limited and its affiliates in Lagos, Port Harcourt, and Kano due to a Federal High Court order in Lagos in an alleged N156 billion debt suit.

A report says the bank’s receiver and court bailiffs, accompanied by police officers on Friday, November 10, 2023, executed the orders in three cities.

The order affects the company's N150 billion assets in financial institutions

Justice Akintayo Aluko made the order on October 20, 2023, after hearing Tomilolu Adamolekun, who appeared with Mohammed Usman and moved the motion ex-parter as counsel for the plaintiffs/applicants, supported by an affidavit deposed by Anthony Chilaka in the Suit.

The order will subsist pending the hearing and determination of the motion on notice, which the court adjourned till November 20, 2023.

Vanguard reports that the affected assets are at the Trans Amadi Industrial Layout in Port Harcourt, KM17, Lagos Badagry Expressway, Lagos State, and No. 54, Challawa Industrial Estate, Kano State, Nigeria.

The order also affects Stallions N156 billion in commercial, micro, and other financial institutions across Nigeria.

Financial institutions affected by the order

The first defendants are Stallion Nigeria Limited (in Receivership), Von Automobile Nigeria Limited, Popular Farms and Mills Limited, and Havana Nigeria Limited.

Others are KRBL Food Industries Limited, Qingi Motorcycle Manufacturing, Stallion Auto Keke Limited, Stallion Motors, Limited, The Honda Place, Yokohama Construction Limited and Mr Sunil Vaswani.

UBA listed all the commercial banks in Nigeria and Kuda Microfinance Bank, Moniepoint, Piggyvest, Cowrywise, Opay Digital Services, the Federal Ministry of Defence, and Federal Ministry of Finance as 12th to 44th respondents in a Mareva Order to protect the Res (subject matter) of the Suit.

The court granted an interim injunction restraining the defendants or anyone else from selling or leasing in whatever form any of the Stallion Group’s assets or properties covered by the order.

Stallion Group is a conglomerate founded in 1969 with headquarters in Dubai. The group is one of the largest in Sub-Saharan Africa. It has an extensive international presence in 18 countries, 72 locations, and over 10,000 employees.