A Federal High Court in Lagos has granted an order protecting the receiver appointed by Guaranty Trust Bank, Plc Mr Gbenga Akinde-Peters, to take over all fixed and floating assets of Stallion Nigeria Limited over the N11.4billion and $1.9million(Over N12b) debt owed the bank.
The company, with headquarters now in Dubai, is owned by Sunil Vaswani and brothers.
Up for seizure, among others, is the registered Head office of the group at 270A, Ajose Adeogun Street Victoria Island Lagos.
The defendants in this suit are THP Limited, The Honda Place Limited, Connoisseur Investment Limited, Premium Seafoods Limited and Onward Fisheries Nigeria Limited that guaranteed the loan.
In an affidavit by a litigation officer, Mr Segun Omoshola, filed and argued before the court by a Lagos lawyer, Barrister Temilolu Adamolekun, the deponent alleged that, Stallion Nigeria Limited was availed several loan facilities totalling N30.5Billion to augment its working capital, as well as those of its related companies.
The loan facilities were drawn down and used by Stallion Nigeria Limited in accordance with the offer letter.
The loan was secured by the personal guarantee of Mr. Sunil Vaswani who is the alter ego of Stallion Nigeria Limited, five choice properties located in Lagos, Port-Harcourt and Abuja.
However Stallion Nigeria Limited and the defendants that guaranteed the loan failed to liquidate the facilities which continued to accrue interest, and as at March 31,2018, Stallion Nigeria Limited’s indebtedness to the bank stood at N11. 4 billion and $1.9million.
The bank wrote several demand letters, made entreaties to Stallion Nigeria Limited and the defendants companies to meet their obligations to the bank but all to no avail.
Upon the appointment of the receiver manager statutorily empowered by law to take charge and remain in exclusive possession and control of the mortgaged properties and assets of Stallion Nigerian Limited, the Receiver, /manager needed the protection of the court to enable him perform his duties unhindered.
Consequently, Mr Adamolekun urged the court to restrain the defendants, their Directors, Shareholders and their agents from intermeddling with or disturbing Mr Gbenga Akinde -Peters, the receiver manager from performing his duties.
Justice Saliu Saidu, after hearing Barrister Temilolu Adamolekun, leading four other senior counsels, while restraining the Directors of the defendants companies from obstructing the Receiver/Manager from performing his duties, also issued an order protecting Mr Akinde Peters appointed by the bank to take over all fixed and floating assets of Stallion Nigeria Limited company whenever the assets are found in whatever form within the jurisdiction of the court. That is particularly but not limited to all the assets of stallion Nigeria Limited within the premises of its registered office at 270A,Ajose Adeogun Street Victoria Island Lagos pending the hearing and final determination of the motion on notice.
Hearing in the substantive suit continues on Monday 16 December.