A High Court of the Federal Capital Territory has ordered Shoprite to halt the sale of its assets in Nigeria.
The court issued an interim injunction stopping the planned sale off of the assets, pending the hearing and determination of a suit that was brought before it by three Nigerian partners to Novare Investment Ltd, owners of Shoprite.
The order was based on a motion filed by the Claimants, who claim that they have a right of first refusal to purchase the assets. They also allege that Novare Investment is planning to sell the assets at a loss, which would harm their interests.
The court has set a date for a hearing to determine whether the injunction should be made permanent.
This is the latest in a series of legal battles between Novare Investment and its Nigerian partners. The partners have been trying to prevent Novare Investment from selling its assets in Nigeria since 2017.
Novare Investment has said that it is selling its assets in Nigeria because of supply chain disruptions and difficulty in repatriating funds. However, the partners allege that Novare Investment is trying to avoid paying them their share of the proceeds from the sale.
Delivering his ruling on the motion ex-parte, Justice Kekemeke specifically restrained “agents, subsidiaries, attorneys, assignees, privies or howsoever described from selling, disposing-off, leasing, transferring of interest or by howsoever described of the properties and assets situate and known as: “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.”
