Our operations not shut down, says Stallion Motors

By Tajudeen Adebanjo

Stallion Motors has described as “untrue” that its operations have been shut down owing to a court judgement arising from company’s indebtedness to Nigerian banks and Asset Management Corporation of Nigeria (AMCON).

Its Chief Executive Officer, Mr Anant Badjatya, said news was “completely baseless and false.”

According to him, a few of the rented and leased properties were affected because of the court’s ex parte order, which was done without any notice.

He said: “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 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, aqua culture, auto, flexible packaging, logistics, business solutions among others.”

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It would be recalled that some Stallion showrooms in Victoria Island were sealed off on December 10 as a result of ex parte order.

Badjatya said no other properties have been affected anywhere else in the country, adding that some locations which were sealed off are now open and working.

Stallion, Badjatya said, is completing its 50th year of establishment in the country.

“It employs 4000 people directly and indirectly; it is one of the foremost conglomerates hugely invested in the country. It  boasts of the largest installed rice milling capacity (working directly with more than 40,000 farmers across the country), largest and best equipped auto manufacturing and assembly plant in West Africa feeding its state-of-the-art nationwide dealer network for nine global auto brands facilitating vehicle sales, leasing and aftersales, the largest Tilapia aquaculture farm, largest cold storage capacity, fertiliser blending plant, state of the art flexible packaging plant, plastics factory, clearing, transportation logistics and warehousing solutions, a cutting-edge audio visual automation solution provider,” he said.