N13b Judgment Debt: GTBank Takes Over Stallion Nigeria’s Assets

Guaranty Trust Bank (GTB) has taken possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms, following a N13 billion judgment debt in a suit filed at the Federal High Court, Lagos.

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

Officials from his office and court bailiffs, protected by policemen, took over the firm’s Victoria Island office and showroom containing several exotic automobiles.

The brands of vehicles recovered from the premises included Porsche, Audi, Bentley, Volkswagen, Skoda, Hyundai, and Hyundai among others.

On December 2, 2019, the court 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 GTBank.

Admolekun 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.”