The Federal High Court in Lagos has upheld the appointment of a receiver/manager by United Bank for Africa (UBA) in its debt recovery suit against Stallion Group and its subsidiaries over facilities of about N156bn.
In the judgment in Suit No. FHC/L/CS/2074/2023, delivered on 16 October 2026, Justice Daniel Osiagor granted the reliefs UBA sought. The court held that the receiver/manager, Romeo Ese, was validly appointed and may take possession of the mortgaged property. It affirmed the mortgage and the liability of the guarantors. It also barred the defendants from diverting receivables owed to them by government agencies. The court rejected the objections of Barbedos Ventures Limited, which it found had not proved a proprietary interest in the property. It noted that the defendants disputed the amount owed but not the existence of the debt, and that reconciling accounts does not extinguish the debt.
The appeal
Stallion Group has filed a notice of appeal at the Court of Appeal and an application for a stay of execution. In a statement, the group said it “respectfully but firmly” disagrees with the decision, that its operations continue, and that the matter is now before the appellate court.
Why it matters
The ruling is a significant statement on how Nigerian courts treat receivership as a remedy for large secured lenders, at a time when banks are under regulatory pressure to clean up insider-related and legacy credit. How the Court of Appeal handles the stay application will decide whether the receiver can act before the appeal is heard.
Sources: Premium Times (16 October 2026); ThisDay (18 October 2026). Counsel were not named in published reports. Firms can submit their roles to The Meridian for verification.
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