A Federal High Court sitting in Ikoyi, Lagos, has restrained the directors of Shoprite from selling or transferring the company’s shares and assets pending the settlement of a judgment debt running into billions of naira.
Gatekeepers News reports that the order was issued by Justice Ambrose Lewis-Allagoa following an ex parte application tied to a consent judgment earlier delivered in July 2025. The court also directed the company’s directors to fully disclose all movable and immovable assets belonging to the firm to the judgment creditor.
The legal dispute stems from a N1.76 billion debt involving Retail Supermarkets Nigeria Limited, which operates Shoprite outlets in Nigeria. The case was initiated by African Retail Tabloid Limited and UEL Global Resources Limited over financial claims that were later resolved through a court-approved settlement agreement.
Under the terms of the agreement, the company was expected to pay the debt in instalments beginning in July 2025. However, failure to meet the repayment schedule reportedly triggered a default clause, making the entire outstanding sum immediately due with added interest.
Following the latest court ruling, the creditors have demanded detailed information on the company’s assets, including its distribution centre in Ajao, Lagos, as part of efforts to recover the debt. The court has adjourned the case to May 7, 2026, for further proceedings.
