Federal High Court Upholds UBA’s Debt Recovery Against Vaswani Brothers

The Federal High Court in Lagos has ruled in favor of United Bank for Africa (UBA) Plc in its N156.03 billion debt recovery suit against the Vaswani brothers and companies linked to Stallion Group. The court upheld the bank’s receiver-manager, mortgage security, and guarantors' liability.

Justice Daniel Osiagor, presiding at the Federal High Court in Ikoyi, Lagos, granted the reliefs sought by UBA, resolving the case in the bank’s favor. The court affirmed Romeo Ese Michael’s appointment as receiver-manager, authorizing him to take possession of mortgaged property and secure protective orders for UBA’s recovery interests.

The court restrained the defendants from diverting government agency receivables, strengthening UBA’s position to recover the outstanding debt. It also held that the defendants did not dispute their indebtedness but contested the amount owed, and that account reconciliation did not extinguish the debt.