Stallion Group, operating as a conglomerate in Nigeria in different sectors of the economy, has refuted news of the shutting down of its operations.
The company said its operations continue unhindered in spite of a court judgment arising from company’s indebtedness to Nigerian Banks and Asset Management Corporation of Nigeria.
Daily Trust reports that the Assets Management Corporation of Nigeria (AMCON) had refuted report in some quarters that it had taken over the company.
The group CEO, Mr. Anant Badjatya, said the news that it has shut down operations 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.”
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