Stallion Group, operating as a conglomerate in Nigeria in different sectors of the economy, has refuted news of the shutting down of its operations.
A statement made available to Transport Day said the company’s operations is still going on unhindered in spite a court judgment arising from company’s indebtedness to Nigerian Banks and Asset Management Corporation of Nigeria.
The group CEO Mr. Anant Badjatya commented that this news is completely baseless and false. According to the statement, “a few of the rented & 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 N750 Bn in assets with approximately N150 Bn 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 published news articles as well as WhatsApp messages being circulated around are fake news being stirred up by business rivals. 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.
“Stallion 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 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 9 global auto brands facilitating vehicle sales, leasing and aftersales, 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.
“The philanthropic arm of Stallion, Stallion Empowerment Initiative focuses on education, healthcare, low housing and youth empowerment for the community. It supports operation of 2 primary schools and 1 technical high school with 3600 students and a 75-bed hospital and low housing public estate respectively. The Foundation recently donated N120m to the school and hospital for the upgrade of the facilities.
“Likewise, in the auto sector, Stallion showed the conviction in the potential of Nigeria when it took over the moribund facility formerly used by Volkswagen of Nigeria (VON) and its German partners on the Badagry-Seme Expressway in Ojo, Lagos. Stallion is the proud owner of VON. The company employs hundreds of employees in the sector and has invested more than N 130 Bn in auto sector from manufacturing to sales to service and after sales. Stallion is dedicated towards the well-being of the country.”
