GTBank takes over Stallion Nigeria assets over N13 billion debt

Mr. Temilolu Adamolekun, the Receiver/Manager appointed by Guaranty Trust Bank (GTB), has taken possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms.

This follows a N13billion judgment debt in suit FHC/L/CS/2/47/2019 of the Federal High Court in Lagos

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

The brands of vehicles recovered from the premises 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.

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 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.”