The Court on Friday ruled in the Bank’s favour on all issues and granted all its prayers.

United Bank for Africa (UBA) Plc has secured a significant legal victory in its debt recovery proceedings against Stallion Group, following a court judgment which upheld the Bank’s position on all issues submitted for determination.

In a sweeping decision, delivered by by Justice Daniel Osiagor  of the Federal High Court sitting in Ikoyi, Lagos on Friday,  the Court granted all the reliefs sought by UBA, affirming the validity of the appointment of a Receiver/Manager, the enforceability of the mortgage security and the liability of the guarantors.

The Court observed that the Defendants did not dispute the existence of their indebtedness to the Bank but challenged the amount claimed. It further held that the reconciliation of accounts between the parties did not extinguish or negate the underlying indebtedness.

In a major affirmation of UBA’s enforcement rights, the Court upheld the appointment of the Receiver/Manager and confirmed his entitlement to take possession of the mortgaged property and seek appropriate protective orders.

The Court also dismissed objections raised by the 12th Defendant, holding that it had failed to establish any proprietary rights over the mortgaged property. Consequently, its consent was not required for the creation of the mortgage, and its objections were rejected.

Significantly, the Court restrained the Defendants from diverting receivables due to them from government agencies, thereby reinforcing the Bank’s ability to protect its recovery interests.

The judgment also affirmed the liability of the guarantors, strengthening UBA’s legal position in pursuing recovery of the outstanding obligations.

The decision represents a comprehensive victory for UBA, with the Court resolving all issues in the Bank’s favour and granting all the reliefs sought.

The ruling is particularly significant for the enforcement of creditors’ rights in Nigeria, underscoring the legal validity of properly constituted security arrangements and the authority of duly appointed receivers to enforce creditors’ interests.

It also reinforces the principle that disputes over the precise amount of an outstanding debt do not, by themselves, invalidate the underlying indebtedness or prevent creditors from exercising their lawful recovery rights.

The judgment marks a major milestone in UBA’s efforts to recover its exposure to Stallion Group and safeguard the interests of the Bank and its stakeholders.

By Tony Obiechina Abuja

Nigeria’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their highest level since November 19, 2008, when reserves stood at approximately $58.91 billion.

Data from the Central Bank of Nigeria (CBN) showed that the reserves increased from $55.

The latest figure extends the upward trend recorded in September and early October, strengthening Nigeria’s external reserve position amid efforts to stabilise the foreign exchange market.

Nigeria’s foreign reserves had been increasing steadily through September, moving from approximately $53.90 billion on September 1 to $54.93 billion by September 30.

The increase continued in October, with reserves reaching $54.95 billion on October 2 and $55.08 billion on October 9 before climbing to $58.81 billion on October 12.

The reserves rose from $53.90 billion on September 1 to $54.93 billion on September 30, representing an increase of $1.03 billion during the month. The reserves climbed further to $54.95 billion on October 2 and $55.08 billion on October 9 before surging to $58.81 billion on October 12.

The latest figure represents an increase of $3.73 billion between October 9 and October 12, bringing the cumulative gain since September 1 to $4.91 billion, or approximately 9.1 percent.

The latest reserve level marks a significant milestone in the country’s external reserve position, although the supplied data do not establish the specific factors behind the sharp increase between October 9 and October 12.

Nigeria’s reserves had risen by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, reflecting an improvement in the country’s external liquidity position.

Nigeria’s net foreign reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has said that stability in the foreign exchange market is helping to strengthen investor confidence.

Gross foreign reserves and net foreign reserves measure different aspects of the country’s external position, so the figures should not be treated as interchangeable.

The reserve increase comes amid changes in monetary policy and an improving economic outlook.

At its September 2026 Monetary Policy Committee meeting, the CBN reduced the Monetary Policy Rate (MPR) by 350 basis points, from 26.5 percent to 23 percent.

The committee also recalibrated the asymmetric corridor around the policy rate to +50/-300 basis points.

Meanwhile, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3 percent, from 4.0 percent in 2025, and projected growth of 4.4 percent in both 2027 and 2028.

Some motorists in the Federal Capital Territory (FCT) have raised concerns over the continuous increase in the price of Premium Motor Spirit (PMS), popularly known as petrol.

The motorists said yesterday that petrol prices had continued to rise in spite of the Federal Government’s assurance to cushion the impact on consumers.

The Federal Government recently announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited, with public transport operators to receive priority under the arrangement.

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, said the arrangement, however, was not a return to petrol subsidy.

The minister said the government was also negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol in an effort to reduce sharp fluctuations in pump prices.

It was reported that Dangote Petroleum Refinery cut its gantry petrol price by N25 per litre to from N1,350 to N1,325.

Crude Oil Futures Price (WTI) traded at $90.41 to $90.50 per barrel for West Texas Intermediate (WTI), while international benchmark Brent crude traded near $103.33 per barrel

It showed that A.Y Shafa retail outlet increased the price from N1,370 per litre to N1,410 per litre, while MRS retail outlet increased from N1,370 per litre to N1,405 per litre.

Similarly, A.A Rano increased its pump prices from N1,380 per litre to N1,409 per litre.

A motorist, Tony Ajayi, said motorists were already grappling with rising food, transportation, household expenses, and the latest increase represented another unwelcome strain.

Ajayi said the persistent increase in fuel prices was putting growing financial pressure on families and making it increasingly difficult for many Nigerians to meet their basic needs.

Auwal Tanko, a motorist, said he bought petrol at N1,410 per litre, adding that the effect of the increase went far beyond the cost of filling his vehicle.

Tanko urged the federal government to urgently intervene by stabilising fuel prices.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the Federal Government should expand access to its recently announced petroleum pricing policy.

Ukadike said the wider participation was necessary to ensure Nigerians felt the impact of an expected reduction in pump prices.

According to him, the policy’s impact will not be immediate, because the distribution of petroleum products to filling stations across the country will take time.

“Circulation of petroleum products and the quoted petroleum products is also a gradual process before it will be able to have an effect on commuters.

“The chains of distribution will be ignited by loading those products and trucks moving to their different destinations.

“The effect will not be immediately seen until within 20 days to 30 days when these products land at their destinations and in the pumps for dispensing,” he said.

He said the process involved loading the products, transporting them to various destinations and making them available for dispensing at filling stations. (NAN)