Stallion Nigeria Limited has denied media reports that it is indebted to Guaranty Trust Bank (GTBank) to the tune of N13 billion.
This information was disclosed in a public statement by the management of Stallion Nigeria.
Stallion has been in the federal high court with GTBank since 2019 over allegations of N13 billion in debt. The court had, on December 2, 2019, granted the GTBank the right to take possession of the assets of Stallion Nigeria and the landed properties of its sister firms in accordance with the deed of all assets debenture and several deeds of legal mortgage.
Recently, Stallion Nigeria Limited issued a public statement addressing the matter concerning the alleged indebtedness, saying it is pending before the court and, to that extent, remains subjudice. The firm urged the public to ignore the media reports, as no such court verdict existed anywhere, as alleged in the publications.
The statement read: “Our attention has been drawn to an article circulating in the media alleging that Stallion is indebted to GTBank to the tune of N13 billion. The publication is false and the work of swindlers because no such debt exists. Stallion has been in court with GTBank since 2019 over allegations and claims, with Stallion winning against GTBank at the Court of Appeal.
“The matter is still pending in court and, to that extent, remains subjudice. As a law-abiding corporate entity with faith in the Nigerian judiciary, we refrain from commenting on a matter that is subjudice except to clarify that the publication is false, mischievous, and a ploy to smear the unblemished reputation of Stallion.”
“We implore the general public to ignore the publication, as no such court verdict exists anywhere as alleged in the publication.” “The matter is still pending in court.”
