Going Nowhere: Court Orders Owners to Stop Shoprite Sales in Nigeria

Going Nowhere: Court Orders Owners to Stop Shoprite Sales in Nigeria

  • The sale of Shoprite in Nigeria will now be put on hold until further notice
  • The development followed an interim judgment delivered by a Federal High Court in Abuja
  • The lawsuit was, however, postponed until February 2, 2024, when the motion will be decided

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

Owners of Shoprite Malls in Nigeria have been restrained from selling off their assets in the country.

The move was as result of Federal High Court judgment in Abuja.

The interim injunction was issued on November 6, 2023 by Peter Kekemeke, the presiding judge.

Court Orders Owners to Stop sales of Shoprite in Nigeria
Federal High Court in Abuja ruled that the parties should hold on with taking any further action on any of the company's properties. Photo Credit: Shoprite, Jeff Greenberg
Source: Getty Images

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There has been a lingering legal battle between the South African management of Novare Investment (PTY) Limited and its Nigerian partners following the company's plans to divest from Nigeria.

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All parties to hold on

Kekemeke, according to TheCable report, ruled that the parties should refrain from taking further action on any of the company's properties until after February 13, 2024, when the motion on notice is decided.

It listed the properties to include; 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, Abuja; and all other Novare Malls under construction in Nigeria pending the hearing and determination of the motion on notice

The Nigerian partners of Novare Investment (PTY) Ltd., Grand Towers Realty Ltd., and Grand Towers Plc, as well as Nze Duru, had filed the petition via their attorney, Darlington Ozurum.

Derick Roper, Novare Africa Fund Plc, Novare Fund Management Ltd, and Novare Equity Partners (Proprietary Ltd) were the defendants in the lawsuit.

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Recall that Shoprite declared its intention to sell its interest in the Nigerian company in August 2020

Legit.ng earlier reported that Ketron Investment Limited has finalised the acquisition of Shoprite Nigeria as Retail Supermarkets Nigeria Limited handed over the keys to the new owner.

Tayo Amusan's property development company, Persianas Nigeria Limited, was the company's preferred bidder.

Lekki Mall, 3 other eye-catching properties up for sale as Novare begins plan to ‘leave’ Nigeria

In another report by Legit.ng, Novare Real Estate Nigeria Limited (NREN) announced plans to sell some of its eye-catching properties.

The properties included Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall located in Lagos and Abuja.

Novare has a decade of experience in property development and management across Nigeria and other countries in Sub-Saharan Africa.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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