A federal high court in Abuja has restrained Novare Investment Ltd, owners of Shoprite Malls in Nigeria, from selling off their assets in Nigeria.
The court judgement is the latest development in the lingering legal battle between the South African management of Novare Investment (PTY) Limited and its Nigerian partners, following its plans to divest from the country.
Peter Kekemeke, a presiding judge, made the interim injunction on November 6, 2023.
He ruled that parties should suspend action pending the determination of the motion on notice scheduled for February 13, 2024.
The motion was brought by Grand Towers Realty Ltd and Grand Towers Plc, — the Nigerian partners to Novare Investment (PTY) Ltd — as well as Nze Duru, through their counsel, Darlington Ozurum.
The defendants in the suit are Novare Equity Partners (Proprietary Ltd), Novare Fund Management Ltd, Novare Africa Fund Plc, and Derick Roper.
In the motion ex parte, Kekemeke further restrained the defendants or their agents, subsidiaries, attorneys, assignees, privies “or howsoever described, from selling, disposing-off, leasing, transferring of interest or by howsoever described of the properties such as 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 suit was adjourned to February 2, 2024, for the motion on notice.
In August 2020, the company announced plans to sell its stake in the Nigerian business.
Persianas Nigeria Limited, a property development company, owned by Tayo Amusan, was the preferred bidder for the company.
