Stallion Group says court ruling does not affect wider businesses

Background In a recent decision by the Federal High Court, United Bank for Africa Plc (UBA) obtained a judgment involving Stallion Nigeria Limited and a few other entities within the Stallion Group. The ruling was confined to the companies that were parties to the case and did not cover the entire corporate group.

Group’s Clarification Stallion Group released a statement aimed at its customers, bankers, business partners, suppliers and other stakeholders. The message clarified that the court’s judgment does not affect the wider group or any companies that were not involved in the proceedings. The group stressed that its businesses, assets and obligations remain separate and untouched by the ruling.

Legal Position and Appeal Stallion Nigeria Limited has lodged an appeal against the judgment and continues to engage constructively with UBA. The company maintains that the facility in question was adequately secured by assets pledged to the bank and disputes the alleged indebtedness that led to the court’s decision. The group also made it clear that no judgment was entered against the Vaswani brothers, Haresh and Mahesh, who are not parties to the suit and therefore bear no personal or collective liability to UBA.

Operational Impact The companies that were not part of the litigation have carried on with their normal operations. Production and trading activities have proceeded without interruption, and the businesses remain focused on serving their customers. The group highlighted that its operations are fully functional and that it is positioned to meet all lawful obligations to banks, customers, suppliers and other stakeholders.

Stakeholder Reassurance By issuing this clarification, Stallion Group sought to counter media reports that had suggested a broader impact on the corporate group. The statement reaffirmed the company’s commitment to meeting its lawful obligations and expressed gratitude for the continued confidence of its partners. The group’s leadership emphasised that while Stallion Nigeria Limited pursues its appeal, the rest of the group continues to operate normally.

Looking Ahead The appeal process remains ongoing, and Stallion Nigeria Limited will continue to engage with UBA as it seeks a favourable outcome. Meanwhile, the other entities within the group are expected to maintain their production and trading schedules, ensuring stability for customers and partners alike.