The assets of Stallion Nigeria Limited in Lagos and its related enterprises have been taken over by Mr. Temilolu Adamolekun, the Receiver/Manager appointed by Guaranty Trust Bank (GTB). This followed a N13 billion judgment debt in Federal High Court of Lagos action FHC/L/CS/2/47/2019.
On Wednesday, the Receiver/officials Manager’s and court bailiffs, escorted by police, took over the firm’s Victoria Island office and showroom, which housed many exotic vehicles. Porsche, Audi, Bentley, Volkswagen, Skoda, Hyundai, and Hyundai were among the vehicle brands recovered from the premises.
On December 2, 2019, the court gave the Receiver/Manager permission to take control of Stallion’s assets and the landed properties of its sibling enterprises in accordance with the Deed of All Assets Debenture and multiple Deeds of Trust.
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.”