The Federal high court in Lagos has set aside a purported execution carried out by Guaranty Trust Bank (GTB)Plc against Stallion Nigeria Limited over alleged N13 billion judgement debt.
Justice Ambrose Lewis Alagoa in a ruling delivered on the 20th February, 2023 held that GTBank was in violation of the Consent Judgment entered by the Court on 17 December, 2019 and proceeded to set aside the purported execution carried out by the bank.
Ruling on an application filed by the law firms of Kanu Agabi & Associates, Wahab Shittu SAN and Bonajo Badejo & Co. on behalf of Stallion, the court 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 the Justices Daniel-Kalio Sirajo, had previously delivered judgment in favour of Stallion Nigeria against GTBank on 24 February, 2022 and set aside the ruling of Justice Saidu in favour of GTBank.
The Court held that GTBank could not rely on its own breach of the judgment to act or levy execution against the assets of Stallion Nigeria.
Guaranty Trust Bank Plc had on 1st February, 2023, relying on the ex-parte order granted by Justice Saidu on 2nd December 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, in excess, of N4,693,625,637.49.