Photo Caption
Sunil Vaswani, Chairman of Stallion Group International

The Stallion Group, an international conglomerate, with significant interests in Nigeria’s automotive, agriculture and industrial concerns, has refuted reports that the Guarantee Trust Bank (GTB) has taken it over as a result of unresolved debts.

In a Press Statement seen by Transport Day, and signed by Stallion’s Nigeria CFO, Samar Sapre, the company observed that “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.”

The Stallion Group which is the leading player in the aumobile business in Nigeria, started off as the official exclusive distributor of Honda in the West African country, and now controls several brands including Hyundai, Porsche, Nissan, MG etc.

It would be recalled that the Stallion Group and GTB have been locked in legal battle for several years over allegations of unsettled loans.