Stallion Group clarifies position on auto policy

THE management of Stallion Group has rejected allegations of having any exclusive prior knowledge of Federal Government’s new auto policy by allegedly opening letters of credit before the announcement of the policy on October 2, 2013.

Reacting to petitions by its business rivals, whom it accused of seeking to mislead the media, the National Assembly and the wider Nigerian public, the management of Stallion Group said in a statement in Abuja that the petitions were frivolous, aimed at delaying a well-meaning Federal Government policy to help the domestic economy through job creation.
The Stallion Group explained that, contrary to the petitions by its rivals to the Senate to its knowledge, the petitioners were fully involved and carried along in all the processes leading to the “eventual announcement of the government policy.”
 It recalled that the Minister of Industry, Trade and Investment had told the media that all the stakeholders accompanied him to South Africa for a retreat on the policy in addition to several meetings in the course of formulation of the policy since early last year.
Stallion Group dismissed as unfounded the allegations by its rivals in car importation that it had an unfair advantage based on the so-called or imagined prior knowledge of the policy, saying that they were a stakeholder just like the petitioners.
According to Stallion Group, every serious business organisation should have its eyes on the ball and take advantage of evolving government policy. It accused its rivals of trying to undermine the prospects of automobile manufacturing plants in the country, through their demand for the deferment of the policy.
It said with the official approval of the policy on October 2, 2013, by the Federal Executive Council, the Stallion Group went ahead to open letters of credit to supply its various brands in the normal ways of business and commercial prudence.
The management of Stallion Group also said that all distributors and dealers, including the petitioners, had the same opportunity with Stallion to replenish their stock in reaction to the policy, which was made officially public on October 2, 2013.
It urged the petitioners to tell Nigerians what strategic commercial decisions and financial commitments they had made in response to the policy.

Share on Google Plus
    Blogger Comment
    Facebook Comment


Post a Comment