Stallion Motors was shut thursday, following a court judgment, arising from the company’s indebtedness to some Nigerian banks and Asset Management Corporation of Nigeria (AMCON).
It was gathered that the Stallion Group is heavily indebted to GTB, which dragged it to court.
The company, it was learnt, is also indebted to AMCON, Access Bank and UBA, among others.
According to an authoritative source, the group owes the banks a hefty N330 billion, while AMCON’s exposure to it is N26 billion.
However, an official of the company, who did not want to be named, told journalist that the court order was between Stallion’s landlord and a bank.
He did not name the bank, but insisted that Stallion was not affected.
The official said: “There is an issue between the bank and the landlord; we don’t know much about it, because it is a landowner thing. Stallion is not affected; our showrooms are open. You can see that Porsche showroom is getting open and by Monday all the showrooms will be open.”
