A Federal High Court sitting in Ikoyi, Lagos, has barred Shoprite’s directors from selling any of the company’s shares or assets until the judgment debt is fully settled.
The court further directed the directors to declare all the company’s movable and immovable assets to the judgment creditor, according to TheCable.
Ambrose Lewis-Allagoa, the presiding judge, granted the order following an ex parte application filed on November 21, 2025, in enforcement of a consent judgment delivered on July 22, 2025.
The application was moved by Tobenna Nnamani, counsel to the judgment creditor, who asked the court to issue garnishee orders nisi to attach funds belonging to the judgment debtor in several financial institutions.
Following the court’s order, the judgment creditor’s counsel has demanded full disclosure of Shoprite’s assets from Jide Ogundare and other directors of the company.
This includes details of the Ajao, Lagos distribution centre, as well as all associated trademarks.
The case has been adjourned to May 7, 2026, for further hearing.
The legal action against Shoprite arises from a N1.76 billion judgment debt linked to its failure to honour a court-approved settlement agreement.
The dispute involves African Retail Tabloid Limited, and UEL Global Resources Limited, which filed separate claims against Retail Supermarkets Nigeria Limited, the operator of Shoprite in Nigeria.
ARTL sought the winding up of RSNL over an alleged N440 million debt, while UEL pursued a summary judgment claim of N1.33 billion.
According to reports, the parties subsequently reached an out-of-court settlement, which was later formalised in a consent judgment delivered by Justice Lewis-Allagoa.
Under the terms of the agreement, RSNL was to pay a total sum of N1,765,991,433.23 in 13 instalments.
The repayment schedule reportedly began with an initial N400 million payment due on July 17, 2025, and was set to conclude with a final instalment of about N66 million on January 18, 2026.
The consent judgment also required that all payments be made into designated Zenith Bank accounts.
It further provided that in the event of default, the entire outstanding balance would become immediately payable, attracting interest at 20 percent per quarter until full settlement.
