Court Upholds UBA Receiver in ₦156 Billion Stallion Group Debt Recovery Case

The Federal High Court in Ikoyi, Lagos, has ruled in favour of United Bank for Africa in its debt recovery case against Stallion Group and related companies. The court upheld UBA’s receiver-manager, mortgage security and the liability of guarantors. Justice Daniel Osiagor affirmed Romeo Ese Michael’s appointment as receiver-manager, allowing him to take possession of the mortgaged property and seek protective orders. The defendants were also restrained from diverting receivables due from government agencies. UBA filed the suit in October 2023, claiming ₦156.03 billion. The court held that the defendants did not deny owing money, although they disputed the amount. Stallion Group had previously described the claim as false, while its response to this ruling was not immediately available. The decision reinforces lenders’ ability to enforce valid security arrangements even where the amount of a debt remains disputed.

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