Nigerian Stallion has denied reports that it owes Guaranty Trust Bank (GTB) as much as N13 billion.
In response to reports that GTB was taking over assets from the debt, the company said it had no such debt.
On Friday, reports said GTB took over the assets of Stallion Nigeria following a N13 billion court debt suit FHC/L/CS/2/47/2019 filed at the federal high court sitting in Lagos.
The report stated that officials from Temilolu Adamolekun, the receiver/manager appointed by GTBank, and court bailiffs took over the company’s office and showroom in Victoria Island containing several cars.
However, in a press statement signed by the firm’s CFO, Samar Sapre, Stallion Nigeria described the publication as “false, mischievous and a ploy to smear the unblemished reputation” of Stallion.
“Our attention has been drawn to an article circulating in the media stating that Stallion owes GTB up to N13 billion,” the statement said.
Also read: GTB suspends international transactions on naira cards
“The publication is false and the works are harmful because there is no debt.
“Stallion has been in court with GTB since 2019 over allegations and claims with Stallion winning against GTB at the Court of Appeal, Nigeria”.
The company claims that the matter is still in court and is still sub judice.
“As a law-abiding corporate entity in good faith in Nigerian courts, we do not comment on subjudicial matters except to clarify that the publication is false, malicious and a ploy to tarnish Stallion’s impeccable reputation.
“We ask the general public to ignore the publication as there is no court ruling anywhere as alleged in the publication. This matter is still pending in court.”
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