'Going nowhere' - Court orders owners to stop Shoprite sales in Nigeria

Owners of Shoprite Malls in Nigeria have been restrained from selling off their assets in Nigeria. This followed a Federal High Court judgment in Abuja.

The interim injunction was issued on November 6, 202 by Presiding Judge Peter Kekemeke.

Following its plans to divest from the country, recall that there has been a lingering legal battle between the South African management of Novare Investment (PTY) Limited and its Nigerian partners.

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, FCT-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, via their attorney Darlington Ozurum, filed the motion.

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

It could be recalled that Shorite declared its intention to sell its interest in the Nigerian company in August 2020.

Legit.ng earlier reported that Ketron Investment Limited has finalized 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.