News
Stallion Motors refutes Shutdown allegations
Stallion Motors has refuted allegations that its operations were shut down owing to a court judgement arising from the company’s indebtedness to Nigerian Banks and Asset Management Corporation of Nigeria.
Mr. Anant Badjatya, group ceo, Stallion Motors, in a statement released on Friday stated that the news was completely baseless and false.
He explained that a few of their rented & leased properties were affected in the shut down because of the court’s ex parte order, which was done without any notice.
While stating that they will be unable to comment further on the matter because it’s under judicial consideration of which their legal team has appropriately taken it up with the judiciary.
The statement further stated that the company has banking lines with local banks for regular business operations like all other major conglomerates in Nigeria and clarifies that it does not owe N330B to the banks as specified by the media report.
According to the statement, “we enjoy a very good customer loyalty across businesses and have a sound financial position with more than N750B in assets with approximately N150B liabilities, most of which is a receivable from Federal Government, which translates into a very healthy debt to equity ratio.
“We are poised for further expansion with investments across business divisions; agriculture, aqua culture, auto, flexible packaging, logistics, business solutions etc.
“The published news articles as well as WhatsApp messages being circulated around are fake news being stirred up by business rivals.
“The entire incident started when a few of the Stallion showrooms in Victoria Island were sealed off on Tuesday 10th December as a result of ex parte order and this fuelled the media and public speculation”.
The statement further stated that no other properties have been affected anywhere else in the country, noting that some locations which were sealed off in VI are now open and working.
Stallion is completing its 50th year of establishment in Nigeria in 2019. It employs 4000 people directly and indirectly; it is one of the foremost conglomerates hugely invested in the country.
It boasts of the largest installed rice milling capacity (working directly with more than 40000 farmers across Nigeria), largest and best equipped auto manufacturing and assembly plant in West Africa feeding its state-of-the-art nationwide dealer network for 9 global auto brands facilitating vehicle sales, leasing and after sales, the largest Tilapia aquaculture farm, largest cold storage capacity, fertilizer blending plant, state of the art flexible packaging plant, plastics factory, clearing, transportation logistics and warehousing solutions, a cutting-edge audio visual automation solution provider.
The philanthropic arm of Stallion, Stallion Empowerment Initiative focuses on education, healthcare, low housing and youth empowerment for the community.
It supports operation of 2 primary schools and 1 technical high school with 3600 students and a 75-bed hospital and low housing public estate respectively. The Foundation recently donated Naira 120M to the school and hospital for the upgrade of the facilities.
Likewise, in the auto sector, Stallion showed the conviction in the potential of Nigeria when it took over the moribund facility formerly used by Volkswagen of Nigeria (VON) and its German partners on the Badagry-Seme Expressway in Ojo, Lagos.
Stallion is the proud owner of VON. The company employs hundreds of employees in the sector and has invested more than N130B in auto sector from manufacturing to sales to service and after sales. Stallion is dedicated towards the well-being of the country.
News
Verve Partners Ali Express On Seamless Cross-Border Shopping
Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.
This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.
The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.
It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.
Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.
This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.
The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”
Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.
These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.
With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.
To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.
News
Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders
Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.
In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.
The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.
“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.
“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.
Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.
The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.
Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.
“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.
News
Amnesty International Condemns Police Actions During #EndBadGovernance Protests
Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.
According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.
Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.
Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.
In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.
Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.
The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.
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