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$10m debt: Shoprite asks court to lift order restraining company’s sale

The Federal High Court, Lagos Tuesday fixed September 7 to hear Shoprite Checkers (PTY) Ltd’s application seeking the discharge of a Mareva Injunction stopping it from transferring its assets.

Vacation judge Justice Nicholas Oweibo said he needed to be convinced that the matter was urgent enough to warrant being heard during vacation.

Oweibo directed Shoprite’s counsel Mrs. Funke Adekoya (SAN) to file an application to that effect.

The Mareva Injunction was made by Justice Mohammed Liman of the Federal High Court in Lagos in favor of a Nigerian firm, A.I.C.

Limited, which in 2018 secured a $10million judgment against Shoprite in a breach of contract lawsuit.

Displeased with the judgment, Shoprite approached the appellate court but lost at the Court of Appeal and has now gone to the Supreme Court.

A.I.C. Ltd secured the injunction on July 14, 2020, against the backdrop of Shoprite’s announcement to pull out of Nigeria.

In the injunction, Justice Liman restrained Shoprite “from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for the purchase of merchandise, from within the jurisdiction of this honorable court.”

The judge also mandated the 2nd respondent, Retail Supermarket Nigeria Limited, “to disclose its audited financial statements for the years ending 2018 and 2019 to enable the judgment creditor/applicant determine the judgment debtor’s/respondent’s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No: CA/L/288/2018.”


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