Court lets UBA enforce N156bn claim against Stallion Group assets

What happened?

1. The court confirmed a receiver-manager in UBA’s N156 billion debt recovery case against Stallion Group, with authority to take possession of the mortgaged property and to seek protective orders.
2. A court ruling confirmed both the validity of the bank's mortgage collateral and what the guarantors owe; it also stopped defendants from redirecting money government agencies owed them (Punch).
3. Objections by the 12th defendant, Barbedos Ventures Limited, were dismissed on a finding that it had not established proprietary rights over the mortgaged property, so its consent was not required to create the mortgage (Punch).

The Federal High Court reportedly granted United Bank for Africa all the reliefs it sought in a suit to recover what the bank describes as N156 billion from Stallion Group companies and guarantors. The judgement confirms a receiver-manager over the mortgaged assets and bars the defendants from diverting payments due from government agencies; Peoples Gazette describes the amount as disputed.

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