Africazine:
A Federal High Court in Lagos has imposed restrictions on ShopRite’s directors regarding the sale of company assets.
The court’s ruling mandates that the directors must not sell shares or assets until a judgment debt is satisfied. This decision follows an ex-parte application filed on November 21, 2025, and is part of a consent judgment from July 22, 2025.
Court Orders ShopRite Directors to Disclose Assets
Justice Ambrose Lewis-Allagoa issued the order after hearing the application from the judgment creditor’s counsel, Tobenna Nnamani. The court has directed the directors to reveal all movable and immovable assets to the creditor.
The judgment creditor’s counsel has also requested garnishee orders nisi to attach all funds held by the judgment debtor in various financial institutions. This step aims to secure the creditor’s interests in the ongoing legal matter.
Naming and Detailing of ShopRite Assets Required
As part of the court’s directive, Mr. Jide Ogundare and other directors must provide detailed information about ShopRite’s assets. This includes the Distribution Centre located at Ajao Estate, Lagos, along with all relevant trademarks associated with the company.
The court’s decision underscores the seriousness of the judgment debt and the need for transparency in asset management by the directors.
Next Steps in ShopRite Legal Proceedings
- Proceedings are adjourned to May 7, 2026, for continuation.
The court's ruling emphasizes the accountability of ShopRite's directors in managing company assets amid legal challenges.
