GTBank takes over Stallion’s assets over N13bn debt

Guaranty Trust Bank (GTB) has taken possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms.

The takeover of the company followed a N13 billion judgement debt in suit FHC/L/CS/2/47/2019 filed at the Federal High Court sitting in Lagos.

The possession was taken through the receiver/manager appointed by GTBank, Temilolu Adamolekun.

The court had, on December 2, 2019, granted the Receiver/Manager leave to take possession of the assets of Stallion and the landed properties of its sister firms in line with the Deed of All Assets Debenture and several Deeds of Legal Mortgage.

According to the court documents, this followed Stallion Nigeria’s default in meeting its repayment obligations to GTB.

However, in default to the judgement debt, the receiver/manager’s officials and court bailiffs took over the firm’s Victoria Island office and showroom containing several exotic automobiles.

Vehicles recovered from the premises included Porsche, Audi, Bentley, Volkswagen, Skoda, Hyundai and Hyundai, among others.

Speaking on the development, Adamolekun said: “Subsequent to the receiver taking possession of the assets, parties met, agreed to Terms of Settlement and consequently entered same as Consent Judgement on the 17th of December, 2019.

“However, Stallion has now defaulted on the Terms of Settlement by failing to make monthly payments as agreed and the receiver/manager has now re-entered possession by enforcing the Terms of the Consent Judgement.”

The Star