United Bank for Africa, UBA, Plc has taken control of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano, following a Federal High Court order linked to an alleged debt of N156,026,032,804.84.
On Friday, the bank’s receiver manager, Romeo Michael, accompanied by court bailiffs and police, executed the interim orders issued by Justice Akintayo Aluko on October 20, 2023. The court action stemmed from a motion ex-parte presented by Temilolu Adamolekun, supported by an affidavit from Mr. Anthony Chilaka.
Justice Aluko not only granted UBA’s prayers for the takeover but also issued a restraining order. This order prohibits the defendants, including directors, shareholders, employees, officers, and agents, from interfering with the receiver/manager’s exercise of powers or duties related to the mortgaged properties.
This restraining order will remain in effect until the court hears and determines the motion on notice, scheduled for November 20, 2023. This provides a timeline for a more detailed examination of the case and a potential resolution.
The assets affected by the takeover include properties in key locations: Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State; Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State; Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers State; KM17, Lagos Badagry Expressway, Lagos State; and No. 54, Challawa Industrial Estate, Kano State, Nigeria.
This legal development signifies a response to a substantial debt situation, showcasing a structured approach through court intervention. The involvement of law enforcement, with police protection during the execution of orders, underscores the seriousness of the legal proceedings and the need for a secure transition of control over the assets.
The restraining order not only maintains the status quo during legal proceedings but also protects UBA’s interests by preventing interference with the receiver/manager’s duties. It ensures the integrity of the takeover process and safeguards the assets involved.
Looking ahead, the upcoming hearing on notice on November 20, 2023, will be crucial. This hearing provides an opportunity for both parties to present comprehensive arguments, allowing the court to make informed decisions based on a thorough examination of the case.
In summary, UBA’s takeover of Stallion Group’s assets involves complex financial details, court orders, and the execution of those orders in multiple locations. The legal proceedings, with restraining orders and a scheduled hearing, add procedural complexity to the situation. As the legal process advances, the implications and resolutions will become clearer, shaping the future of the involved parties and their assets.