The company said the matter is still in court

Stallion Nigeria has refuted reports that it is indebted to Guaranty Trust Bank (GTB) to the tune of N13 billion.

Reacting to reports that GTB took over its assets over the debt, the firm claimed that no such debt exists.

On Friday, reports said that GTB took over Stallion Nigeria's assets after the N13 billion judgement debt in suit FHC/L/CS/2/47/2019 filed at a federal high court sitting in Lagos.

The reports claimed that officials from Temilolu Adamolekun, the receiver/manager appointed by GTBank, and court bailiffs took over the firm's Victoria Island office and showroom containing several automobiles.

However, in a press statement signed by the firm's CFO, Samar Sapre, Stallion Nigeria described the publications as "false, mischievous and a ploy to smear the unblemished reputation" of Stallion.

"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 statement said.

"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 company claimed that the matter is still 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."