Stallion Group contests the ruling of the Federal High Court, appeals and suspends the execution

Stallion Group has appealed against the judgment rendered by the Federal High Court, Lagos on 16 October 2026 in case no. FHC/L/CS/2074/2023: UBA Plc & Ors v. Stallion Nigeria Ltd & Ors.

The ruling arose from a commercial dispute initiated by UBA Plc in 2023. Stallion Group respectfully but firmly disagrees with the decision. After reviewing the ruling with its legal advisors, the Group believes that there are reasonable grounds for an appellate review and is determined to assert its rights through the courts.

A notice of appeal has been filed with the Court of Appeal and the execution of the sentence has been suspended pending the hearing and determination of the appeal.

Stallion Group will vigorously pursue the appeal and continue to respect the judicial process. The Group has confidence in the appellate courts and their ability to consider issues raised on appeal.

The Group’s activities continue. We ask our employees, customers, business partners and other interested parties to rely on verified information and not on speculation or sensational reporting on a matter that is now before the court of appeals.
Issued by

ABDULSALAM GAFFAR OLATOKUNBO
STALLION GROUP
October 16, 2026