GTBank takes possession of Stallion Nigeria’s assets over N13bn judgement debt

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

The takeover of the assets followed a N13 billion judgement debt in suit FHC/L/CS/2/47/2019 filed at a federal high court sitting in Lagos.

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

The court had, on December 2, 2019, granted the receiver leave to take possession of the assets of Stallion Nigeria 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 court documents, this was after Stallion Nigeria defaulted in meeting its repayment obligations to GTBank.

On Wednesday, officials from Adamolekun’s office 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, among others.

Speaking on the development, Adamolekun said: “Subsequent to the receiver taking possession of the assets, parties met, agreed to the terms of the 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 judgement.”