Court Bars ShopRite Directors from Asset Sale Over Unpaid N92.88m Judgment Debt

Wale Igbintade 

A Federal High Court sitting in Ikoyi, Lagos, has restrained the directors of Retail Supermarkets Nigeria Ltd. (ShopRite) from selling or transferring the company’s shares and assets pending the satisfaction of a judgment debt.

The court also ordered the directors to fully disclose all movable and immovable assets of the company to the judgment creditor.

The orders were granted by Justice Ambrose Lewis-Allagoa following an ex parte application filed on November 21, 2025, in furtherance of a consent judgment earlier entered on July 22, 2025.

Counsel to the judgment creditor, Tobenna Nnamani, moved the application, urging the court to issue a garnishee order nisi attaching all funds belonging to the judgment debtor across multiple financial institutions.

The court consequently granted an order nisi attaching all monies standing to the credit of, or accruing to the benefit of, the judgment debtor in accounts held with various garnishee banks, to the tune of N92,881,855, representing accrued interest at the rate of 20 per cent on the judgment sum arising from the consent judgment delivered on July 22, 2025.

Relying on the court’s directive, counsel to the judgment creditor has also demanded that Mr. Jide Ogundare and other directors provide details of all ShopRite’s assets, including its distribution centre in Ajao, Lagos, as well as all relevant trademarks.

The matter was adjourned to May 7, 2026, for continuation of proceedings.