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Stallion Motors refutes allegations of indebtedness

By Benjamin Alade
14 December 2019   |   3:10 am
Stallion Motors has refuted claims that its operations had been shut down owing to a court judgment arising from its indebtedness to Nigerian Banks and Asset Management Corporation of Nigeria

Stallion Motors has refuted claims that its operations had been shut down owing to a court judgment arising from its indebtedness to Nigerian Banks and Asset Management Corporation of Nigeria (AMCON).

A national newspaper (not The Guardian) had yesterday reported that Stallion Group was indebted to Guaranty Trust Bank Plc, which dragged it to court, as well as Access Bank and United Bank for Africa Plc (UBA), among others.

According to the report, the group owes the banks N330 billion, while AMCON’s exposure to it is N26 billion.

Its Chief Executive Officer, Anant Badjatya, while describing the report as completely baseless and false, explained yesterday in Lagos that the entire incident started when a few of Stallion showrooms in Victoria Island were sealed off on Tuesday, December 10 as a result of ex parte order, fuelling the media and public speculation.

She stated that no other properties have been affected anywhere else in the country, adding that a few of the rented and leased properties were affected because of the court order, which was done without any notice, while some locations, which were sealed off in Victoria Island, were open and working.

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