Justice Daniel Osiagor of the Federal High Court in Lagos has affirmed (UBA) Plc’s appointment of a receiver/supervisor to get well an alleged N156.03 billion debt from Stallion Group, ruling that the financial institution can implement its securities over properties pledged for the mortgage services.
Justice Osiagor, in a judgment delivered on Friday, additionally restrained Stallion Group corporations and different defendants from diverting receivables as a result of them from authorities companies, in a transfer aimed toward safeguarding funds that might be utilized in direction of settling the excellent debt.
The courtroom affirmed the validity of the mortgage preparations securing the services and upheld the appointment of Romeo Ese as receiver/supervisor, empowering him to take possession of the mortgaged properties and search courtroom orders to guard the property.
The choose additional held that though the defendants didn’t dispute their indebtedness to UBA, they contested the quantity claimed by the financial institution.
He additionally dominated that the events’ account reconciliation didn’t extinguish the debt or deprive UBA of its proper to implement the securities supplied for the services.
Justice Osiagor additional dismissed an objection by Barbedos, the twelfth defendant, difficult the mortgage preparations on the bottom that it ought to have obtained its consent earlier than the transactions have been concluded.
The choose held that Barbedos failed to ascertain any proprietary curiosity within the mortgaged property and, consequently, had no authorized foundation to insist that its consent was required to create the mortgages.
The courtroom additionally resolved the jurisdictional problem in UBA’s favour, affirming its competence to entertain the financial institution’s claims.
The dispute dates again to October 2023, when UBA secured interim orders from the Federal High Court to implement its securities over property belonging to Stallion Nigeria Limited and its subsidiaries.
The earlier orders lined industrial and business properties in Lagos, Port Harcourt, and Kano.
UBA had alleged that Stallion Group and associated entities owed it roughly N156.03 billion, resulting in litigation involving a number of corporations inside the conglomerate and their guarantors.
However, in November 2023, Stallion Group disputed the financial institution’s account of the debt controversy, sustaining that it had made substantial repayments and was engaged in discussions with UBA over the reconciliation of accounts and restructuring of the services.
The dispute later led to procedural disagreements, together with a request by counsel to some defendants to switch the case from the courtroom of Justice Akintayo Aluko, who had dealt with earlier purposes.
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