Stallion reacts as UBA takes over assets after court order – Newstrends
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Stallion reacts as UBA takes over assets after court order

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Stallion reacts as UBA takes over assets after court order

 

The United Bank for Africa (UBA) Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in three cities: Lagos, Port Harcourt and Kano.

This came after a Federal High Court in Lagos had granted the bank an order to do so.

But Stallion faulted the action of the bank, adding that an appeal was being perfected and assured its customers that there was nothing to worry about.

The receiver-manager of the bank, Romeo Michael, court bailiffs and the police reportedly executed the court order.

Although Justice Akintayo Aluko gave the order on October 20, 2023, it was only executed last Friday November 10.

The case was adjourned till November 20 for hearing of the motion on notice.

The affected assets include mortgaged property known as “all that piece or parcel of land together with any building thereon” at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State.

“Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Kilometre 17, Lagos Badagry Expressway, Lagos State and No. 54, Challawa Industrial Estate, Kano State, Nigeria.”

The order also affects the defendants’ sums, totalling N156bn in commercial, microfinance and other financial institutions across the federation.

The 1st to 4th plaintiff/applicants in the suit are UBA Plc, UBA Cameroon SA, Cote D’Ivoire SA and Romeo Ese Michael.

The 1st to 11th defendants/respondents are Stallion Nigeria Limited (In Receivership), Von Automobile Nigeria Limited, Popular Farms And Mills Limited, Havana Nigeria Limited.

The other defendants are KRBL Food Industries Limited, Qingqi Motorcycle Manufacturing Limited, Stallion Auto Keke Limited, Stallion Motors Limited, The Honda Place Limited, Yokohama Construction Limited and Mr. Sunil Vaswani.

The order also barred the Federal Ministry of Defence and Federal Ministry of Finance from releasing to the defendants or any of their affiliates any fund belonging or accruing to any of the defendants.

Stallion reacts

In a statement issued on Monday, Alhaji Tajudeen Olalere, Executive Director Stallion Group, said the issue was a normal one between the conglomerate and the bank.

The statement read, “Our attention has been drawn to certain publications in the media regarding our commercial relationship with the United Bank of Africa (UBA PLC) and an alleged lawsuit filed by UBA PLC against our Group. “Although the reports thoroughly misrepresent the state of affairs, we are not unmindful of the fact that such reports are misleading. As such, I Alhaji Tajudeen Olalere, Executive Director Stallion Group, would like to clarify as follows:

“The Bank failed to serve our Group or any of our entities with the Motion on Notice and the Originating Processes at any time prior to the hearing of the Motion on Notice upon which the interim order was predicated and we were only assailed with sponsored publications in the media.

“Our lawyers are already taking steps to deal with the issues arising from the ex parte interim orders of the Federal High Court.

“In terms of our commercial relationship with UBA PLC, we have maintained a mutually beneficial banking relationship with UBA PLC spanning over three decades.

“While UBA PLC have, during the course of the relationship availed us credit facilities for our operations, we have consistently repaid and serviced the facilities to the utmost satisfaction of UBA PLC.

“For the comfort of our stakeholders and without prejudice to the pending suit, our records confirm that in the last 10 years, we have made lodgements with UBA PLC to the tune of over half a trillion naira which, more than suffices in repaying every facility availed to us by the Bank.

“However, as a devoted customer of the Bank, we have been in active engagements with the Bank in resolving all claims of outstanding indebtedness.

“UBA debited our account with excess Principal amounting to N10,324,418,431 (Ten Billion, Three Hundred and Twenty Four Million, Four Hundred and Eighteen Thousand, Four Hundred and Thirty-One Naira) and interest on of N2,883,976,214 (Two Billion, Eight Hundred and Eighty Three Million, Nine Hundred and Seventy Six Thousand, Two Hundred and Fourteen Naira) based on the interpretation of the offer letter referred to above.

“This excess debit resulted in additional interest being charged to our account to the tune of N14,774,257,090 of (Fourteen Billion, Seven Hundred and Seventy Four Million, Two Hundred and Fifty Seven Thousand, Ninety Naira) and consequently the bank ended up charging N27,982,651735 in excess of what should have been charged as per the terms of the offer letter.

“UBA charged unauthorized interests, management fees, COT-VAT, Fees, Finance Charges and LC Charges contrary to the agreement of the parties and applicable Central Bank of Nigeria guidelines and approved rate of charges.

“As at 18 September 2023, we were assured by the Bank through our designated Relationship Manager in the Bank that our request for account reconciliation and restructuring.

“More recently, on 11 October 2023, we received another written communication from the Bank confirming the ongoing engagements at resolving all claims of indebtedness.

“It therefore came as a rude shock to our Group to learn that UBA PLC surreptitiously filed an application in the Court on 17 October 2023 (6 days after their latest response to our communication) which culminated in the interim orders issued by the Federal High Court on 20 October 2023.

“It is even more shocking that UBA PLC will proceed in the manner it did when it has, as security for its commercial engagements with our Group, our assets worth about N130 Billion and payment instructions amounting to about N24 billion against monies due to us, which in all material particulars, far exceed whatever claims it may consider to have against any member of our Group.

“As earlier stated, our team of lawyers are giving due attention to the interim court orders and we are optimistic of a timely resolution of all issues.

“While we remain, as always, committed customers of UBA PLC, we are already exploring necessary avenues of resolution including the deployment of legal measures to rectify what we presently consider as a legal wrong done to us by UBA PLC in the manner it has proceeded against us.
“We assure all our Bankers, Customers, Suppliers, OEMs, Vendors and the General Public that there is no cause for panic.

“We remain a formidable and united Group with expansive business, commercial and production activities across many spheres of the Nigerian economy.

“All our businesses units, companies and entities within the Stallion Group remain viable going concerns.
“We remain strategic partners to the Federal Government of Nigeria, State Governments and several other government institutions with whom we have maintained solid and unblemished partnership over the years.

“The negative publications arising from what we consider an unwarranted and wrongful move on the part of UBA PLC do not and cannot distract us from our operations and we assure everyone that we will continue to live up to our contractual commitments and undertakings.”

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Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV

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Mrs. Julie Chi - Nwaoha, Publisher, On the Highway Africa; Mr. Abiona Babarinde, General Manager, Marketing and Corporate Communications, Coscharis Group; Mr. Segun Sobogun, Marketing Communications Executive, Coscharis Group; Mr. Frank Kintum, Publisher, Transport Day during the presentation of the Multi - Luxury Company of the Year award to Coscharis Motors at this year’s Nigeria Auto Journalists Association annual awards night held recently at the Oriental hotels, Lagos.

Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV

 

It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.

The well attended event was held recently at the prestigious Oriental Hotels, Lagos.

Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.

The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.

The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.

The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.

Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.

He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.

“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”

Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.

He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”

The award event attracted various stakeholders that are players in the automotive sector in Nigeria.

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Leadership by example: FRSC Corps Marshal leads field operations, patrol highways 

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L- R Hyginus Omeje , Assistant Corps Marshal, Operations, Bisi Kazeem, Deputy Corps Marshal rtd, and Shehu Mohammed , Corps Marshal, FRSC during the Corps Marshal's patrol operations visitation to Ondo State Sector Command, Akure, recently.

Leadership by example: FRSC Corps Marshal leads field operations, patrol highways 

By Bisi Kazeem

As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.

The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.

However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.

True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.

His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.

He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.

His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.

From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.

These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.

The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.

Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.

The Corps Marshal’s leadership has inspired not just his officers but also the general public.

His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.

The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.

The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.

The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.

Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.

Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.

By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.

As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.

Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.

The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.

As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.

 

*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.

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FG deploys Lanre Shittu CNG buses as airport shuttle 

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FG deploys Lanre Shittu CNG buses as airport shuttle

 

The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded  Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.

The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.

Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.

He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.

‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.

He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.

The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.

The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.

The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.

He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.

With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.

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