Stallion refutes media reports of indebtedness to GTB

Stallion Nigeria Limited has rebuffed media reports of a N13 billion naira indebtedness to Guaranty Trust Bank (GTB).

The company in statement over the weekend, said the company has been in court on the issue with GTB with the judicial process ongoing.

The company in a statement issued by its Chief Financial Officer, Samar Sapre, said as the matter with GTB was still an ongoing dispute in court, it would as such not engage in a media exchange on a matter that remains subjudice.

The company said it has, however, decided to refute the contents of some media outlets which it said were incorrect and mischievous.

READ ALSO: GTBank takes over Stallion Nigeria’s assets over N13 billion debt

The company said, “Our attention has been drawn to an article circulating around in the media alleging that Stallion is indebted to GTB to the tune of N13 billion. The publication is false and the works of mischief makers as no such debt exists.

“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 matter is yet in court and to that extent remains subjudice. As a law-abiding corporate entity with faith in the Nigerian judiciary, we refrain from commenting on a matter that is subjudice except to clarify that the publication is false, mischievous and a ploy to smear the unblemished reputation of Stallion.

“We implore the general public to ignore the publication as there is no such court verdict existing anywhere as alleged in the publication. The matter is still pending in court.”

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