Business
Court Gives New Order On Sale Of Shoprite Assets In Nigeria
A Federal Capital Territory (FCT) High Court has restrained a South African company, Novare and its subsidiaries, from selling off their assets including Shoprite in Nigeria.
The News Agency of Nigeria (NAN) reports that Novare is the owners of retail malls, including Shoprite malls, in the country.
Justice Peter Kekemeke gave the interim order following an ex-parte motion moved to the effect by counsel to the applicants, Darlington Ozurumba.
NAN reports that Grand Towers Reality Ltd, Grand Towers Plc and Nze Chidi Duru, who were applicants in the suit marked: FCT/HC/0224/2017 with motion on number: M/13811/2023, are the Nigerian partners to Novare Investment (PTY) Ltd, owners of Shoprite.
They had sued Novare Investment (PTY) Ltd, Novare Equity Partners (Proprietary Ltd), Novare Fund Management Ltd, Novare Africa Fund Plc and Mr Derick Roper as 1st to 5th defendants respectively.
In the motion dated Oct. 3, the applicants prayed the court for an interim order restraining the defendants from selling, leasing, transfering of interests of the property or assets knowns as Novare Mall Lekki, Lagos State; Novare Mall, Sangotedo, Lagos; and Novare Gateway Mall, Lugbe District, Abuja.
Others include Novare Mall, Apo, Abuja; Novare Central Mall, Wuse Zone 5, Abuja, and all other Novare Malls under construction in Nigeria, pending the hearing and determination of motion on notice.
Justice Kekemeke consequently granted the order of interim injunction after Ozurumba moved the motion on Nov. 6.
The certified true copy of the order was made available to newsmen on Wednesday in Abuja.
The judge adjourned the matter until Feb. 13, 2024, for hearing of the motion on notice.
NAN reports that the development is the latest in the lingering legal battle between the parties since 2017 following Novare’s plans to divest from Nigeria, citing supply chain disruptions and difficulty in the repatriation of funds from its operations in Shoprite. (NAN)
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