The Chief Executive Officer of Stallion Motors, Anant Badjatya, has dismissed claims that operation of the automobile company was shut down over N330 billion allegedly owed to Nigerian banks and Asset Management Corporation of Nigeria (AMCON).
The showrooms of Stallion Motors in Victoria Island were sealed off on December 10 as a result of ex parte order. According to Badjatya, the action had been taken without the knowledge of the company.
In a statement, Badjatya said the company was still operational. According to him, the site affected by the ex parte order were few rented and leased properties that were already being opened.
N330 billion owed to banks and AMCON: Badjatya said Stallion Motors was not in a N330 billion debt to any bank. In his explanation, he disclosed that the company had a sound financial position with more than N750 billion in assets with approximately N150 billion liabilities which he described as healthy debt.
“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 N330 billion 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 billion in assets with approximately N150 billion 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, aquaculture, auto, flexible packaging, logistics, business solutions among others.”
Badjatya further stated that the matter is still in court.
“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.”