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2 clusters · 9 sources · 7 days · First seen · Last updated
United Bank for Africa legal disputes
Overview
United Bank for Africa (UBA) is involved in multiple high-value legal proceedings in Nigeria. In one matter, a Federal High Court in Lagos upheld the appointment of a receiver in a N156 billion debt recovery suit against Stallion Group. The court affirmed the bank’s right to take possession of mortgaged properties and restrained the defendants from diverting receivables from government agencies. Stallion Group has filed a Notice of Appeal and an application for a stay of execution.
In a separate dispute, a Lagos State High Court granted an interim Mareva injunction in favor of UBA against Swiss energy trader Vitol SA and four shipping companies. The bank alleges that Vitol SA wrongfully released gasoil cargoes that were consigned to UBA, despite the bank issuing a letter of credit and receiving endorsed shipping documents. UBA is seeking to hold the parties liable for conversion, misrepresentation, and negligence.
Entities
United Bank for Africa · Vitol SA · Nigerian Ports Authority · Nigeria Customs Service · Lagos State High Court
Timeline
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[BUSINESS] 2 sourcesUnited Bank for Africa secures court order in N242m Vitol dispute
United Bank for Africa has obtained a Lagos High Court order to freeze assets related to a N242 million dispute with Vitol SA over the alleged wrongful diversion of petroleum products.
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[BUSINESS] 7 sourcesUnited Bank for Africa wins court ruling in N156bn debt suit against Stallion Group
A Lagos court upheld UBA’s appointment of a receiver in a N156 billion debt suit against Stallion Group, which has since filed an appeal to contest the judgment.
Sources
authorityngr.com · blueprint.ng · brandspurng.com · cknnigeria.com · dmarketforces.com · gwg.ng · promptnewsonline.com · thisdaylive.com · withinnigeria.com