Business
Stallion reacts as UBA takes over assets after court order

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.”
Auto
Nigeria dominating Africa spare parts market, says ASPAMDA boss

Nigeria dominating Africa spare parts market, says ASPAMDA boss
Nigeria has become a strong force in Africa’s spare parts market, President of Auto Spare Parts and Machinery Dealers Association (ASPAMDA), Hon. Ngozi Emechebe, has said.
He however lamented the decline in auto spare parts manufacturing plants in the country.
He said Nigeria could be a global player in the auto parts production with the right investments in the sector.
The ASPAMDA president spoke at the opening of the ongoing Lagos Motor Fair/Autoparts Expo at the Federal Palace Hotel, Victoria Island.
He said, “We have taken over Angola, Ghana, Togo, Ivory Coast, Gambia, Senegal and many other markets and ASPAMDA is the place to visit.”
The Chinese government, he said, knows the impact of ASPAMDA to their companies; “so Nigeria should wake up. If we are serious, we will take over the world economy.”
He said Nigeria almost got to a point of assembling cars from spare parts produced locally at a time.
“At Nnewi, there were a lot of auto spare part manufacturing companies then. At a time we were about assembling vehicles before things crumbled but thank God, Innoson Motors is doing it again,“ he said.
The ASPAMDA boss showered encomium on President Bola Tinubu-led administration for making efforts to bring back activities in the sector.
He said, “With the way the country is going now, many companies are gradually starting production in the country again.”
Commending the organizers of the Lagos Motor Show for resilience in sustaining the expo over the years, Hon Ngozi said, “Mr Ifeanyi Agwu, the organiser of this expo deserves a thumb up for bringing spare parts makers from across the world to come and showcase their products to our members and Nigerian customers.”
According to him, before the commencement of the expo some years back, ASPANMDA members used to travel to Europe, Japan, Taiwan and other parts of the world in search of companies to do business with.
“But with the spare parts expo, the various parts makers have been brought to Nigeria under one roof to meet with our members and do thriving business,” he said.
This, he said, had saved his members the cost of flight, hotel accommodation, as well as time and eliminated stress arising from flying the long distance to meet with manufacturers.
He recalled that some years ago, his members used to travel to Taiwan to buy spare parts “but when the business started to flourish, and the products started gaining recognition, Taiwan shut their doors against us and raised the prices of goods which made us to turn to China”.
He prayed that one day, China too should close their doors to Nigeria and force us to develop our own products.
Emechebe predicted that Nigeria will take over the world spare parts market in the near future. I pray that “China should close their doors to us so that we can grow” he said.
The ASPAMDA boss also appealed to the Federal Government to look into the high taxes and duties being paid by Nigerian businessmen which he said are killing local manufacturers.
He said, “ It is cheaper to import finished products than to produce locally in Nigeria as most of the companies are relocating to neighbouring countries due to unfavourable business conditions like high taxes, duties, energy and other infrastructure,” he said.
Auto
Three electric vehicles on display steal show at Lagos Motor Fair

Three electric vehicles on display steal show at Lagos Motor Fair
Three automobile manufacturing companies are exhibiting full Electric Vehicles (EVs) under one roof at the Lagos Motor Fair taking place at the Federal Palace Hotel, Victoria Island.
The unprecedented display of EVs at any auto fair in Nigeria is an indication that the Federal Government’s crusade to shift focus to green cars to save the environment and high cost of fuel is striking the right cord.
Most people at the fair ground visited the EV display arena and were excited by the quality and versatility of the designs.
The three-day motor show/ auto parts exhibition which started on Wednesday is expected to end today (Friday).
So far, the fair has made a lot of difference with the exhibition of the electric vehicles, hybrid vehicles, motorbikes and CNG vehicles.
The Electric Vehicles look beautiful in different colours, all have Chinese origin and available in four and five seaters with superb finishing.
Leading the park is Taocars which displayed two models out of their three models available in Nigeria. The Large and Medium sized Sedans boast of array of features that are tempting to resist by prospective electric car buyers, according to a report by Vanguard.
Managing Director Taocars, Mr Moise Niu told Vanguard that their range of Electric Vehicles can cover several kilometers before recharge. He described the vehicles as trendy, rugged, durable and easy to maintain.
The Marketing Manager of the company Mr Ifeanyi Ugbuaja who was also on ground to explain the features of the vehicles said the Electric Vehicles are pocket-friendly and offers luxury at its peak, in addition to being noiseless.
Also on display were the Bestune models which come as mini vehicles but with amazing spacious interior and features. The model known as fourfold charm and also described as favorite choice is a three door mini car. The company said it is built for fun, safe for all, easy to drive with great look.
Bestune xiaoma is a product of FAW Automobile which is already a known name in the Nigeria truck vehicle segment.
However the Cynosure of all eyes at the fair is Benlg Electric Motorcycles which comes in different sizes and designs. The Electric motorbike which were displayed by Benlg Eletric Motorcycle Nigeria Ltd include the Tank, Anan, Boxer and outstanding. The company also builds Electric tricycles and has capacity to produce 10,000 Motorbikes monthly.
The Managing Director of the Company Mr Leon Nie who said that they were just starting production at their plant in Shagamu, explained that the company has the capacity to meet Nigeria’s motorbike needs.
“Our motorcycles are totally Electric and we want to settle for the production of two and three wheelers as Nigeria EV market is just starting.
Others are the Geely plug-in-hybrid electric vehicle being displayed by Icheta which looks more like a Luxury sedan with its smart interior.
Kia Motors is also displaying its GNG technology at the Motor fair with the CNG powered Rio Sedan.
The CNG vehicles are known for their environment friendly and fuel efficiency which is 50 percent less than petrol.
Auto
Theodore Opara inaugurated as new NAJA chairman, other excos sworn in

Theodore Opara inaugurated as new NAJA chairman, other excos sworn in
The Nigeria Auto Journalists Association (NAJA) has a new leadership that will pilot its affairs for the next three years.
Theodore Opara, the Motoring Editor of Vanguard Newspapers, has been sworn in as a new chairman of the association after a recent keenly contested election.
The election, held at the Teslim Balogun Stadium in Lagos, was marked by a high voter turnout and enthusiasm.
Opara clinched the leadership position with 62% of the votes, signaling strong support from NAJA members.
His victory is expected to pave the way for a transformative tenure aimed at strengthening the association’s role in the Nigerian automotive industry.
Other officials elected alongside Opara are Segun Odunewu as Vice Chairman; Adrian Egonu as General Secretary; Cees Harmon as Assistant Secretary; Daphne Uduneje as Financial Secretary/Treasurer, and Benjamin Alade as Auditor.
In his acceptance speech, the new chairman Opara expressed deep gratitude to NAJA members for their confidence in his leadership.
He vowed to elevate the status of auto journalism in Nigeria by fostering professionalism, ethical reporting, and innovation within the industry.
“I am deeply honoured by the trust my colleagues have placed in me. I assure you all of my dedication to advancing the interests of auto journalism in Nigeria.
“The industry is evolving, and we must ensure that Nigerian auto journalists remain at the forefront of innovation, professionalism, and ethical reporting,” Opara stated.
As the newly elected chairman, Opara unveiled his vision for NAJA, which includes reinforcing the association’s influence in the automotive industry, strengthening partnerships between journalists and key stakeholders, and initiating capacity-building programmes such as training workshops, mentorship initiatives, and advocacy for better welfare of members.
With decades of experience in automotive journalism, Opara is expected to bring a wealth of expertise to his new role.
Industry analysts expect his leadership to foster significant growth, further solidifying NAJA’s relevance in Nigeria’s automotive sector.
Chairman of the Election Committee, Ben Oghifo, spoke on the process and commended the contestants as well as other members for conducting themselves in a dignifying way, emphasizing that it was a reflection of the democratic principles upheld by NAJA.
“The members of NAJA have spoken, and we have successfully delivered a transparent electoral process. Theodore Opara is now set to lead the association into its next chapter,” Oghifo remarked.
In his farewell address, outgoing Chairman of the association, Mike Ochonma, expressed gratitude to NAJA members for their unwavering support during his tenure.
He encouraged the association’s members to extend the same level of support to the new leadership to ensure the continued progress of NAJA.
The Nigeria Auto Journalists Association remains the premier body for professionals covering the automotive industry in Nigeria.
Its members play a critical role in shaping public discourse on industry trends, policies, and technological advancements.
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