New Telegraph

$10m debt: Court declines hearing of Shoprite’s motion against injunction 

Justice Nicholas Oweibo of a Federal High Court in Lagos has declined hearing of a motion seeking to lift a mareva injunction barring a South African retail firm, Shoprite Checkers (PTY) Limited, from transferring its assets.
The judge in a ruling Monday said the matter was not urgent enough to be heard during the court’s ongoing vacation.

The South African firm filed the motion  to overturn a July 14, 2020 mareva injunction made by Justice Mohammed Liman of the same court in favour of a Nigerian firm, A.I.C. Limited.
A.I.C. Limited, which had in 2018 got a $10 million judgement from Justice Lateef Lawal-Akapo of a Lagos State High Court in Ikeja against Shoprite in a breach of contract lawsuit, also secured the mareva injunction against the backdrop of Shoprite’s announcement to pull out of Nigeria.
Issuing out 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 purchase of merchandise, from within the jurisdiction of this honourable 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.”
The $10 million judgement sum is already a subject of litigation at the Supreme Court.

 

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