ShopRite: Nigerian court freezes company’s assets sale over N92.9m judgment debt

*A Federal High Court in Lagos, restrains the Directors of Retail Supermarkets Nigeria Limited (ShopRite) from selling, or transferring the company’s shares and assets, pending the satisfaction of an outstanding judgment debt

Isola Moses | ConsumerConnect

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

ConsumerConnect gathered the court also ordered the Directors to fully disclose all movable and immovable assets of the company to the judgement creditor.

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

Tobenna Nnamani, counsel to the judgement creditor, moved the application, according to report.

Nnamani urged the court to issue a garnishee order nisi attaching all funds belonging to the judgement 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 judgement debtor in accounts held with various garnishee banks, to the tune of N92,881,855.

This represents accrued interest at the rate of 20 percent on the judgement sum arising from the consent judgement delivered July 22, 2025.

Relying on the court’s directive, counsel to the judgement 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 Federal High Court Ikoyi later adjourned the case to May 7, 2026, for continuation of proceedings.