Court Restrains Novare from Disposing Assets in Nigeria

Court Restrains Novare from Disposing Assets in Nigeria

Alex Enumah in Abuja 

A Federal Capital Territory High Court, has restrained Novare Investment Ltd, owners of malls in Nigeria, from selling off their assets in Nigeria.

Justice Peter Kekemeke, who made the interim injunction on November 6, ordered parties not to take any further action, pending the determination of the motion on notice fixed 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, owners of properties housing Shoprite and others, through their counsel, Darlington Ozurumba.

This is the latest in the lingering legal battle between Novare Investment ( PTY) Limited and its Nigerian partners since 2017 following its plans to divest from Nigeria citing some difficulties.

A Certified True Copy (CTC) of the court’s ruling dated November 7 and signed by a senior registrar of the court Allen Ebi, noted that oher parties joined in the suit as defendants are Novare Equity Partners (Proprietary Ltd), Novare Fund Management Ltd, Novare Africa Fund Plc and Mr Derick Roper.

In the motion ex parte, Justice Kekemeke further restrained “agents, subsidiaries, attorneys, assignees, privies or howsoever described from selling, disposing-off, leasing, transferring of interest or by howsoever described of the properties such:

“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.”

Novare brands include Shoprite, Lekki Mall, Apo Mall, Gateway Mall, etc

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