N13b Debt: GTBank Takes Over Stallion Nigeria’s Assets

Guaranty Trust Bank (GTB) has taken over the assets of Stallion Nigeria Limited in Lagos and its sister firms over its inability to pay a N13 billion judgment debt awarded in favour of the bank by a Federal High Court, Lagos.

The Receiver/Manager appointed by the bank, Temilolu Adamolekun and court bailiffs, protected by policemen, took over the firm’s Victoria Island, Lagos office and showroom containing several exotic automobiles on Wednesday.

Some of the brands of vehicles seized from the premises of the company included Porsche, Audi, Bentley, Volkswagen, Skoda, Hyundai and Hyundai among others.

The court 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.

Five other firms, THP Limited, The Honda Place Limited, Connoisseur Investment Limited, Premium Seafoods Limited and Onward Fisheries Nigeria Limited are the defendants/respondents, while KPMG Advisory Services (KPMG) is a respondent.

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

Admolekun said: “Subsequent to the Receiver taking possession of the assets, parties met, agreed to Terms of Settlement and consequently entered the same as Consent Judgment 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 Judgment.”