Nigeria, Oct. 17 -- Stallion Group has filed an appeal against Friday's decision of the Federal High Court, Lagos, which upheld the appointment of a receiver/manager by the United Bank for Africa (UBA) in a N156 billion debt recovery suit.

In a statement issued on Friday and seen by PREMIUM TIMES, the group said it vehemently disagrees with the ruling and will vigorously pursue the appeal.

"Having reviewed the judgment with its legal advisers, the Group considers that there are strong grounds for appellate review and is determined to pursue its rights through the courts," it stated.

"A Notice of Appeal has been filed at the Court of Appeal and a stay of execution of the judgment pending the hearing and determination of the appeal," it ...