Court Upholds UBA’s N156bn Debt Recovery Move Against Stallion Group

Justice Daniel Osiagor of the Federal High Court in Lagos has affirmed (UBA) Plc’s appointment of a receiver/manager to recover an alleged N156.03 billion debt from Stallion Group, ruling that the bank can enforce its securities over properties pledged for the loan facilities.
Justice Osiagor, in a judgment delivered on Friday, also restrained Stallion Group companies and other defendants from diverting receivables due to them from government agencies, in a move aimed at safeguarding funds that could be applied towards settling the outstanding debt.
The court affirmed the validity of the mortgage arrangements securing the facilities and upheld the appointment of Romeo Ese as receiver/...