February 21, (THEWILL) – The Federal High Court sitting in Lagos, on Monday, has set aside the purported execution carried out by Guaranty Trust Bank (GTB) Plc against Stallion Nigeria Limited on February 1, 2023, over an alleged N13 billion judgement debt.
Ruling on an application filed by the law firms of Kanu Agabi & Associates, Wahab Shittu SAN and Bonajo Badejo & Co., on behalf of Stallion, Justice Allagoa held that GTBank violated the consent judgment entered by the Court on December 17, 2019.
He held that the execution, which was purportedly done while the Court was yet to determine the timeline for the completion of the forensic audit pursuant to the consent judgment of the Court, was wrongful and done with the intention to undermine the proceedings before the Court.
The Court of Appeal presided over by Honourable Justices, Daniel-Kalio, Sirajo and Banjoko, had previously delivered Judgment in favour of Stallion Nigeria against GTBank Plc on February 24, 2022, setting aside the ruling of Justice Saidu in favour of GTB.
The Court held that GTB could not rely on its own breach of the Judgment to act or levy execution against the assets of Stallion Nigeria.
The Court proceeded to set aside “any and every step taken by Guaranty Trust Bank Plc before, on or after 1 February 2023 in the purported execution of the Consent Judgment of the Court dated 17 December 2019, in the light of the Judgment of the Court of Appeal delivered on 24 February 2022 in favour of Stallion Nigeria.”
Guaranty Trust Bank Plc had on February 1, 2023, relying on the ex parte order granted by Justice Saidu on December 2, 2019, which had expired, and the subsequent consent Judgment, which GTB had violated, tried to enter one of Stallion’s properties in Victoria Island, Lagos.
Stallion Nigeria, in its application, which was granted by the Court, had contended that the preliminary KPMG forensic audit report had established that GTB overcharged Stallion N4,693,625,637.49. GTB accepted this finding by the auditors.
Stallion Nigeria contends that it is not owing GTB any longer and that on the contrary, it is on record that it has paid more than what was outstanding to GTB by N6,423,700,000, a fact GTB is fully aware of but continues to violate its own agreement and Judgment of the courts.