Court stops sale of Shoprite assets in Nigeria

A High Court of the Federal Capital Territory (FCT) has restrained owners of Shoprite malls from selling off their assets in Nigeria.

Justice Peter Kekemeke, who made the restraining order said it was pending the determination of the motion on notice fixed February 13, 2024.

The motion was brought by Grand Towers Realty Ltd, Grand Towers Plc, who are the Nigerian partners to Novare Investment (PTY) Ltd, owners of Shoprite through their counsel, Darlington Ozurumba Esq.

This is the latest in the lingering legal battle between Novare Investment (PTY) Limited and its Nigerian partners since 2017 following its plans since to divest from Nigeria citing supply chain disruptions and difficulty in the repatriation of funds.

Other parties joined in the suit as defendants are Novare Equity Partners (Proprietary Ltd), Novare Fund Management Ltd, Novare Africa Fund Plc and Mr Derick Roper.

In the motion ex parte, Justice Kekemeke further restrained “agents, subsidiaries, attorneys, assignees, privies or howsoever described from selling, disposing-off, leasing, transferring of interest or by howsoever described of the properties such:

“Novare Mall, Lagos; Novare Mall, Sangotade, Lagos; Novare Gateway Mall, Musa Yar’Adua Expressway (Airport Road), Lugbe District, FCT; Novare Mall, Apo, Murtala Mohammed Expressway, Abuja; Novare Central Mall, Wuse Zone 5, FCT-Abuja and all other Novare Malls under construction in Nigeria pending the hearing and determination of the motion on notice.” (Daily Sun)