Stallion Motors was shut thursday, following a court judgment, arising from the company’s indebtedness to some Nigerian banks and Asset Management Corporation of Nigeria (AMCON).
THISDAY gathered that the Stallion Group is heavily indebted to GTB, which dragged it to court.
The company, it was learnt, is also indebted to AMCON, Access Bank and UBA, among others.
According to a THISDAY authoritative source, the group owes the banks a hefty N330 billion, while AMCON’s exposure to it is N26 billion.
However, an official of the company, who did not want to be named, told THISDAY that the court order was between Stallion’s landlord and a bank.
He did not name the bank, but insisted that Stallion was not affected.
The official said: “There is an issue between the bank and the landlord; we don’t know much about it, because it is a landowner thing. Stallion is not affected; our showrooms are open. You can see that Porsche showroom is getting open and by Monday all the showrooms will be open.”
But contrary to the official’s position, THISDAY gathered that the company owes the bank and AMCON heavily.
A source told THISDAY that it was one of the banks, armed with court judgment that sealed Stallion’s property thursday. “Hyundai Nigeria is bankrupt; banks have sealed their showrooms and head office thursday. Stallion Group owes banks in Nigeria, including GTB who sued them in court. It also owes AMCON, Access Bank and UBA, amongst others,” he said.
When contacted for comment on the issue, GTB said it would not comment because it would be subjudice, as the case was still in court, adding that it was the bank’s principle not to comment on such issues.
Access bank said it did not go to Stallion’s premises thursday. UBA did not respond to THISDAY’s at press time thursday.
THISDAY
