The harsh economy is telling on all sectors with more firms closing up or defaulting on bank loans.
Stallion Nigeria Ltd, an Indian owned conglomerate in Nigeria, has run into trouble with loans from Guaranty Trust Bank (GTB). The firm has diverse interests including automobiles and agriculture
GTB had filed court processes to enable it take over the assets of the group over a N13billion debt. The Federal High Court in Lagos granted the assets takeover and put the Stallion Group in receivership in December, 2022.
Now thecable is reporting that officials from the receiver/manager (Temilolu Adamolekun) and bailiff, on Wednesday, took over the Victoria Island showroom of Stallion and recovered exotic vehicles from notable brands including Bentley, Porsche, Audi, Volkswagen, Hyundai and Skoda etc.
The receiver manager had said the take over was agreed by all parties in consonance with the court judgment.
This is a sad development that will definitely throw the staff into the oversaturated unemployment market.