We’re not owing N330b, Stallion Motors refutes debt allegations

0

Nigeria’s leading automobile company, Stallion Motors has denied allegations that it’s owing banks N330billion. It clarified claims that its operations have been shut down owing to a court judgement arising from company’s indebtedness to Nigerian banks and Asset Management Corporation of Nigeria.

Stallion Group CEO, Mr. Anant Badjatya said the report is completely baseless and false. According to the statement, “A few of the rented and leased properties were affected because of the court’s ex parte order, which was done without any notice. We are unable to comment further on this as the matter is sub judice. Stallion’s legal team has appropriately taken it up with the judiciary.

The company has banking lines with local banks for regular business operations like all other major conglomerates in Nigeria and clarifies that it does not owe N330bn to the banks as specified by the media. On the contrary the organisation enjoys a very good customer loyalty across businesses and has a sound financial position with more than N750bn in assets with approximately N 150bn liabilities, most of which is a receivable from Federal Government, which translates into a very healthy debt to equity ratio.

“It is poised for further expansion with investments across business divisions; agriculture, aqua culture, auto, flexible packaging, logistics,business solutions etc. The entire incident started when a few of the Stallion showrooms in Victoria Island were sealed off on Tuesday 10th December as a result of ex parte order and this fuelled the media and public speculation. No other properties have been affected anywhere else in the country. Furthermore, some locations which were sealed off in VI are now open and working.”

Tracing the history of its business in Nigeria, Stallion said it “is completing its 50th year of establishment in Nigeria in 2019. It employs 4000 people directly and indirectly; it is one of the foremost conglomerates, which hugely invested in the country. It boasts of the largest installed rice milling capacity (working directly with more than 40000 farmers across Nigeria), largest and best equipped auto manufacturing and assembly plant in West Africa feeding its state-of-the-art nationwide dealer network for nine global auto brands facilitating vehicle sales, leasing and after sales, the largest Tilapia aquaculture farm, largest cold storage capacity, fertilizer blending plant, state of the art flexible packaging plant, plastics factory, clearing, transportation logistics and warehousing solutions, a cutting-edge audio visual automation solution provider.”

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More