N13bn Judgement Debt: GTBank Takes Possession of Stallion Nigeria’s Assets

Wale Igbintade

In a bid to recover a N13 billion judgement debt granted by a Federal High Court, in Lagos, Guaranty Trust Bank (GTB) has taken possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms.

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

Adamolekun took possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms following suit number FHC/L/CS/2/47/2019 filed against Stallion Nigeria Limited before the Federal High Court in Lagos.

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

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.

Adamolekun 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.”