Novare, a South African company and owner of retail malls, including Shoprite malls, in Nigeria, has been restrained from selling its assets in the country by a Federal Capital Territory (FCT) High Court. The interim order was granted by Justice Peter Kekemeke in response to an ex-parte motion filed by the applicants’ counsel, Darlington Ozurumba.
The applicants, Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru, who are Nigerian partners to Novare Investment (PTY) Ltd, have sued Novare Investment (PTY) Ltd and other associated entities.
The court order prohibits the sale, leasing, or transfer of Novare Mall properties in Lagos and Abuja, among others, until the motion on notice is heard and determined. The case, which originated in 2017, is scheduled for a hearing on February 13, 2024. The legal dispute arose from Novare’s plans to divest from Nigeria due to supply chain disruptions and difficulties in fund repatriation.