Stallion Nigeria Denies Alleged N13bn Debt to GTBank, Says Case Still Pending in Court

Stallion Nigeria Limited has denied media reports that it is indebted to Guaranty Trust Bank (GTBank) to the tune of N13 billion.
The firm, in a statement, described the publication as false and the works of mischief-makers as no such debt exists.
GTB had alleged that it took possession of assets belonging to Stallion Nigeria Limited in Lagos and its sister firms.

The publications alleged that the takeover of the assets followed a N13 billion judgment debt in suit FHC/L/CS/2/47/2019 filed at a Federal High Court sitting in Lagos.
Possession was allegedly taken through Temilolu Adamolekun, the receiver/manager appointed by GTBank.
But Stallion Nigeria Limited, in a statement, said the matter concerning the alleged indebtedness is still pending before the court and, to that extent, remains subjudice.

The firm urged the public to ignore the media reports as no such court verdict existed anywhere, as alleged in the publications.
The statement read: “Our attention has been drawn to an article circulating in the media alleging that Stallion is indebted to GTBank to the tune of N13 billion.
“The publication is false, and the works of mischief makers as no such debt exists.
“Stallion has been in court with GTBank since 2019 over allegations and claims, with Stallion winning against GTBank at the Court of Appeal.

“The matter is yet in court and, to that extent, remains subjudice. As a law-abiding corporate entity with faith in the Nigerian judiciary, we refrain from commenting on a matter that is subjudice except to clarify that the publication is false, mischievous, and a ploy to smear the unblemished reputation of Stallion.

“We implore the general public to ignore the publication as no such court verdict exists anywhere as alleged in the publication. The matter is still pending in court.” 

Wale Igbintade

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