The United Bank for Africa has acquired the assets of one of the largest conglomerates in Nigeria.
The Federal High Court in Lagos has issued an order granting the bank the authority to assume control of the assets belonging to Stallion Group.
The court included additional financial institutions, namely Opay, Kuda, and Moniepoint, as defendants in the lawsuit.
Pascal Oparada possesses more than ten years of professional experience in the fields of Technology, Energy, Stocks, Investments, and Economy. The assets of Stallion Nigeria Limited and its affiliates in Lagos, Port Harcourt, and Kano have been acquired by the United Bank for Africa (UBA).
This action was undertaken in compliance with a directive from the Federal High Court in Lagos pertaining to a legal case involving an alleged debt of N156 billion against the company. According to a report, on Friday, November 10, 2023, the bank’s receiver and court bailiffs, accompanied by law enforcement officers, carried out the necessary actions as mandated in three different cities.
The order has a significant impact on the company’s N150 billion assets held in financial institutions. The order was issued by Justice Akintayo Aluko on October 20, 2023, following the proceedings in which Tomilolu Adamolekun, accompanied by Mohammed Usman, presented an ex-parte motion as legal representation for the plaintiffs/applicants. The motion was supported by an affidavit sworn by Anthony Chilaka in the relevant lawsuit.
The order will remain in effect until the court hears and decides on the motion that has been scheduled for November 20, 2023. According to Vanguard, the assets that have been impacted are located at the Trans Amadi Industrial Layout in Port Harcourt, KM17, Lagos Badagry Expressway in Lagos state, and No.
54, Challawa Industrial Estate, Kano State, Nigeria. The order also has an impact on Stallion’s N156 billion investment in commercial, micro, and other financial institutions throughout Nigeria. The financial institutions that the order has impacted. The initial defendants in question include Stallion Nigeria Limited (currently in Receivership), Von Automobile Nigeria Limited, Popular Farms and Mills Limited, and Havana Nigeria Limited.
Some other notable companies include 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 has included a comprehensive list of commercial banks in Nigeria, along with Kuda Microfinance Bank, Moniepoint, Piggyvest, Cowrywise, Opay Digital Services, the Federal Ministry of Defence, and the Federal Ministry of Finance, as respondents numbered 12 to 44 in a Mareva Order. This order aims to safeguard the subject matter of the lawsuit.
The court has issued an interim injunction, which prohibits the defendants or any other party from engaging in the sale or lease of any assets or properties belonging to the Stallion Group that are covered by the court’s order.
The Stallion Group is a prominent conglomerate that was established in 1969 and is currently headquartered in Dubai. The organization is among the largest in the Sub-Saharan Africa region. The company boasts a widespread global footprint, operating in 18 countries across 72 locations and employing over 10,000 individuals. UBA is one of the Nigerian banks that has received a significant number of customer complaints in 2023.
According to a previous report from Legit. Seven prominent commercial banks in Nigeria disclosed that they had received a total of 4.57 million customer complaints throughout one year, spanning from January 1 to December 31, 2022. The complaint figures for 2022 indicate a rise in customer complaints when compared to the data collected from the surveyed banks in 2021.
The figures above were obtained from the bank’s annual financial reports, which were duly submitted to the Nigerian Exchange. I want to request access to the leads for UBA 3rd. Please provide a list of the Nigerian banks that have offered the highest loan amounts to customers in 2023.
According to a report by Legit. Nigerian banks listed on the Nigerian Exchange experienced a substantial increase in their lending activities to customers in the first half of 2023. Based on data acquired by Legit. Ng, as of the conclusion of June 2023, a total of 11 banks have allocated N26.83 trillion to their clientele.
The banks that were surveyed include First Bank Holding Company, Access Holding Company, Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), First City Monument Bank (FCMB), Fidelity Bank, Stanbic IBTC Bank, Sterling Bank, Unity Bank, and Wema Bank. Please take note: Discover the finest content from Legit. Ng on Pinterest! Sign up now to receive daily inspiration.
Source: Legit. ng