Stallion Group has filed an appeal against the judgment of the Federal High Court, Lagos, which ruled in favour of United Bank for Africa (UBA) Plc in a long-running debt recovery dispute involving an alleged ₦156.03 billion indebtedness.
The group also said it had filed an application for a stay of execution of the judgment pending the hearing and determination of its appeal.
In a statement issued on Friday, October 16, 2026, and signed by Abdul Salam Gaffar Olatokunbo on behalf of Stallion Group, the company said it disagreed with the judgment delivered in Suit No. FHC/L/CS/2074/2023, *UBA Plc & Ors v. Stallion Nigeria Ltd & Ors.*
The group said it had reviewed the judgment with its legal advisers and believed there were strong grounds for appellate review.
“Stallion Group respectfully but firmly disagrees with the decision. Having reviewed the judgment with its legal advisers, the Group considers that there are strong grounds for appellate review and is determined to pursue its rights through the courts,” the statement said.
It added that a Notice of Appeal had been filed at the Court of Appeal, alongside an application seeking to suspend the execution of the judgment while the appeal was being considered.
The company, however, did not disclose the specific grounds of appeal or indicate whether the court had granted the application for a stay of execution.
Stallion Group said it would pursue the appeal vigorously while continuing to respect the judicial process.
“The Group has confidence in the appellate courts and in their ability to consider the issues raised on appeal,” it stated.
The company also assured employees, customers, business partners and other stakeholders that its operations were continuing, urging them to rely on verified information rather than speculation or sensational reports about the dispute.
The case arose from a commercial dispute initiated by UBA in 2023 over an alleged debt of approximately ₦156.03 billion. The bank sought to recover the money through enforcement of security arrangements and the appointment of a receiver-manager over certain assets associated with Stallion Nigeria Limited and related companies.
The dispute previously resulted in interim orders by the Federal High Court in October 2023, which facilitated the takeover of certain mortgaged assets in Lagos, Port Harcourt and Kano, as well as protective measures affecting funds held in financial institutions. Stallion and related defendants subsequently challenged aspects of those orders. 【turn912817search1】【turn912817search0】
In the latest judgment, delivered on October 16, 2026, Justice Daniel Osiagor of the Federal High Court, Lagos, ruled in UBA’s favour, according to reports on the proceedings.
The court reportedly upheld the appointment of the receiver-manager and the bank’s mortgage security, affirmed the receiver-manager’s right to take possession of the mortgaged property, and upheld the liability of guarantors. It also reportedly restrained the defendants from diverting receivables due to them from government agencies. 【turn912817search3】【turn912817search4】
The judgment represents a significant development in UBA’s efforts to recover the alleged debt, while Stallion Group’s appeal opens a new phase of legal proceedings over the dispute.
The outcome of the appeal, and any decision on the application for a stay of execution, could determine the immediate effect of the judgment while the appellate process continues.
For now, Stallion Group says it intends to challenge the decision through the established judicial process, maintaining that the issues raised warrant further consideration by the appellate court.
