GTB takes over Stallion assets in Lagos over N13bn debt – Newstrends
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GTB takes over Stallion assets in Lagos over N13bn debt

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Guaranty Trust Bank (GTB) says it has taken over the assets of Nigeria Limited in Lagos and its sister firms after the firm reportedly failed to pay a debt of N13bn.

The Receiver/Manager appointed by Guaranty Trust Bank (GTB), Mr. Temilolu Adamolekun, disclosed this as the fallout of the N13 billion judgment debt in suit FHC/L/CS/2/47/2019 of the Federal High Court in Lagos.

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.

The brands of vehicles recovered from the premises included Porsche, Audi, Volkswagen, Skoda, Hyundai and Hyundai among others.

The court on December 2, 2019 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 the court documents, this followed Stallion Nigeria’s default in meeting its repayment obligations to GTB.

 

 

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Dangote, Amosun disagree on Ogun cement factory demolition, Abiodun facilitates rebuilding

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Former Gov Ibikunle Amosun, Gov Dapo Abiodun and Alhaji Aliko Dangote

Dangote, Amosun disagree on Ogun cement factory demolition, Abiodun facilitates rebuilding

THE President of Dangote Industries, Alhaji Aliko Dangote, yesterday, alleged that his cement plant in Itori, Ewekoro local government area of Ogun State was demolished twice by the Governor Ibikunle Amosun administration, including the factory’s fencing during the second demolition.

However, in a swift reaction to the allegation, the former Ogun State governor said that Dangote does not possess requisite approvals for constructing the structures he alleged were demolished.

Speaking when he visited his new Cement factory located in Itori Ewekoro local government area of the state, Dangote commended Governor Dapo Abiodun for persuading him to return and resume construction of the plant, which is now nearing completion and expected to commence operations next year.

Dangote said: “I think it is good we have it on record that the (cement) factory we are visiting now in Itori, you know it was because of His Excellency (Dapo Abiodun) that we came back.

“That factory was demolished twice. We started, and Governor Amosun demolished it. The second time, we started again; he demolished not only the factory, including the fencing, so we left.

“But, right now, we are coming because of His Excellency my brother, Prince Dapo Abiodun. We are now back.”
He said the facility will feature two 6,000t/day clinker production lines, covering limestone crushing, cement packaging, and shipping, further solidifying Ogun State’s status as an industrial powerhouse.

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He said: “Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across the continent, of which almost 70% of our production is based in Nigeria. Our Obajana plant in Kogi State is currently the largest in Africa with 16.25Mta of capacity across five lines; the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant also in Benue state has 4Mta; and Okpella plant in Edo State has 3Mta. By the time we deliver Abidjan and Itori, we will be at 61mm tons per annum next year.

“It is on record that our investment in cement manufacturing made Nigeria self-sufficient in the product, effectively ending importation and marking its transformation into a cement exporting nation.

“We repeated the feat in the production of fertilizer as Nigeria is now self-sufficient, with the surplus going for the export market thereby generating foreign exchange earnings for the country.

“We rolled out automotive gas oil (AGO) in January 2024 and Premium Motor Spirit (PMS) in September 2024 from our 650,000 barrels per day petroleum refinery located in Ibeju-Lekki. Other products from the refinery include aviation fuels, LPG, and carbon black.

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ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%

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ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%

 

ABC Transport Plc has experienced a significant increase in its stock performance with the company’s shares rising by 22% year-to-date, climbing from N1.23 at the start of January to N1.50 on March 11, 2025.

This has thus elevated the company’s market capitalization from N2.942 billion to N3.588 billion over the same period.

Analysts attribute this positive momentum to ABC Transport’s strategic diversification initiatives, notably its substantial investment in Compressed Natural Gas (CNG) trucks and the establishment of ABC Cargo Limited, a fully independent logistics division.

Over the past six months, ABC Transport has invested over N8 billion in acquiring CNG-powered and other specialized trucks, underscoring its commitment to sustainable and cost-effective transportation solutions.

This move not only reduces the company’s carbon footprint but also lowers operational costs by decreasing reliance on diesel fuel. The adoption of CNG technology represents a crucial step in ABC Transport’s sustainability journey, aligning with global environmental standards.

In a bid to diversify its service offerings, ABC Transport launched ABC Cargo Limited, an autonomous logistics division.

This new entity is poised to enhance the company’s market presence in the logistics sector, providing specialized services that cater to the evolving needs of clients across Nigeria and the West African region.

The company’s recent financial results have further bolstered investor confidence.

For the fiscal year ending December 31, 2024, ABC Transport reported a pre-tax profit of N634.7 million, a remarkable turnaround from the pre-tax loss of N260.1 million recorded in 2023.

Total revenue surged to N12.6 billion from N7.1 billion in the previous year, with significant contributions from loads and waybills (₦4 billion), sales of vehicle spares and speed governors (N2.8 billion), and haulage operations (N2.8 billion).

Speaking on these developments, the company’s Managing Director, Mr Jude Nneji, commended that the ABC’s leadership had also taken other strategic steps towards sustaining growth in these new segments.

For instance, he said it had invested heavily in a new maintenance facility in Calabar and also improved its driver training facilities.

These strategic initiatives and robust financial performance have positioned ABC Transport favorably in the market, reflecting a strong buy trend that commenced in 2024 and has persisted into 2025.

As the company continues to innovate and expand its operations, it remains a focal point for investors seeking sustainable and profitable opportunities in the transportation and logistics sector.

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UBA, ICAN partner to drive innovation in finance, accounting

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United Bank for Africa, UBA

UBA, ICAN partner to drive innovation in finance, accounting

United Bank for Africa, UBA Plc, weekend, hosted the 60th president of the Institute of Chartered Accountants of Nigeria, ICAN, Chief Davidson C. S. Alaribe, in a meeting to foster collaboration and innovation between both institutions.

The meeting signalled a pivotal moment in the relationship between the two institutions, as they explored strategic partnerships to drive mutual growth and development in the financial and accounting sectors.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the ICAN President and his high-profile delegation, expressed his enthusiasm for the partnership and assured that the bank was ready and willing to support the institution in its drive for excellence.

He said: “UBA is proud to be home to a significant number of ICAN members, whose expertise has been instrumental to our success as Africa’s global bank. This visit reaffirms our shared commitment to excellence and innovation.

“We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme, GMAP, training initiatives, and other business opportunities that will create a win-win for both organisations.”

Alawuba, who was visibly excited at the corroboration between both organisations, said: “UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond.

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‘’ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. This partnership will undoubtedly benefit our members and the broader financial ecosystem.”

The discussions also focussed on several key areas of collaboration in capacity building, joint training programmes to enhance the skills of accounting professionals and UBA staff, collaborating on initiatives to promote ethical standards, financial literacy, and best practices in accounting and finance and setting up a branch of ICAN at UBA House.

This historic meeting marks a significant milestone in the relationship between UBA and ICAN, two institutions committed to driving excellence and innovation in the financial and accounting professions.

Both parties expressed optimism about the future and pledged to work closely to achieve their shared goals.

The Institute of Chartered Accountants of Nigeria, ICAN, is the leading professional accounting body in Nigeria, established to regulate the practice of accountancy and promote excellence in the profession.

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