Court stops sale of Novare/Shoprite malls in Nigeria

Posted by Timige, On 9 Nov, 2023 | Updated On 9 Nov, 2023 No Comments »


A Federal Capital Territory (FCT) High Court has restrained a South African company, Novare, and its subsidiaries, from selling off their assets in Nigeria.
The News Agency of Nigeria (NAN) reports that Novare is the owner 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 3 October, the applicants asked the court for an interim order restraining the defendants from selling, leasing, or transferring interests of the property or assets known 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 Mr Ozurumba moved the motion on 6 November.

READ ALSO: Shoprite closes store at Maryland Mall

The certified true copy of the order was made available to journalists on Wednesday in Abuja.

The judge adjourned the matter until 13 February 2024, for a 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.


Source: State Cross River - Premium Time

Do you have question or opinion about this post? Make it in the comment below.

Please Share with Your Friends/Followers

Get Current with Nigeria, Subscribe Now!

We'll never share your email with anyone else.

  • This Nigeria World Post is Tagged with:

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment moderation is enabled. Your comment may take some time to appear.