UBA wins N156bn debt recovery suit against Stallion Group, Vaswani Brothers

United Bank for Africa, UBA, Plc has secured a tribunal ruling successful its three-year effort to retrieve funds it says Stallion Group owes.

The Federal High Court upheld the bank’s receiver-manager appointment, its owe information and the liability of the guarantors.

Justice Daniel Osiagor of the Federal High Court successful Ikoyi, Lagos, resolved each issues successful UBA’s favour and granted each the reliefs sought, according to a study by MoneyCentral connected the judgement delivered by the court.

The tribunal confirmed Romeo Ese Michael arsenic receiver-manager, with the authorization to instrumentality possession of the mortgaged spot and question protective orders.

It besides restrained the defendants from diverting payments owed to them by authorities agencies, thereby reinforcing the bank’s quality to support its betterment interests.

The tribunal held that the defendants did not quality their indebtedness but contested the magnitude owed. It further ruled that the reconciliation of accounts did not extinguish the debt.

The tribunal besides dismissed objections raised by the 12th defendant, Barbedos Ventures Limited, holding that it had failed to found immoderate proprietary rights implicit the mortgaged property. Consequently, its consent was not required for the instauration of the mortgage, and its objections were rejected.

When UBA filed the suit successful October 2023, it claimed that ₦156.03 cardinal was owed to the bank.

Stallion Group has described the assertion arsenic “entirely false". However, the court’s written judgement and Stalli...