Stallion Group Companies Continue Normal Operations

Stallion Group wants to assure its customers, bankers, business partners, suppliers, and others that the recent court judgment from the Federal High Court only affects Stallion Nigeria Limited and some other companies in the case. It does not impact the wider Group or any companies that were not part of the case. This statement comes after some media reports created a wrong impression about the judgment's reach.

The disputed loan was given to Stallion Nigeria Limited and a few selected companies, each of which is a separate legal entity. These companies are challenging the claims of debt and say the loan was properly secured with assets pledged to UBA. Stallion Nigeria Limited has appealed the judgment and is still working with the bank while keeping its legal rights open.

Most companies in the Stallion Group were not part of the court case and are not affected by the judgment. Their businesses, assets, and obligations are separate and continue as normal. The judgment should not be seen as applying to the entire Stallion Group.

There was no judgment against the Vaswani brothers, Mr Haresh Vaswani or Mr Mahesh Vaswani. They were not part of the case or the ongoing appeal, and they do not have any personal or joint responsibility to UBA from this judgment.

The companies not involved in the case have continued their production and trading activities. They remain dedicated to serving their customers and are ready to fulfill their legal responsibilities to banks, customers, suppliers, and other stakeholders.

Stallion Group thanks its stakeholders for their ongoing support. The companies not involved in the case are concentrating on their operations, while Stallion Nigeria Limited continues its appeal and discussions with UBA.