A Federal High Court in Ikoyi, Lagos, has restrained the directors of Retail Supermarkets Nigeria Limited (RSNL), the company operating Shoprite in Nigeria, from selling the company’s shares or assets until the full satisfaction of a judgment debt.
Justice Ambrose Lewis-Allagoa also ordered the directors, including Jide Ogundare and others, to disclose all movable and immovable assets belonging to the company to the judgment creditors.
The orders were issued on an ex parte application filed on November 21, 2025, in enforcement of a consent judgment entered on July 22, 2025.
The judgment debt of ₦1,765,991,433.23 arose from an out-of-court settlement between RSNL and the judgment creditors, African Retail Tabloid Limited (ARTL) and UEL Global Resources Limited (UEL).
The creditors had initially pursued a winding-up petition and a summary judgment claim over debts totalling about ₦1.76 billion.
Under the consent judgment, RSNL agreed to repay the sum in 13 instalments into designated Zenith Bank accounts, starting with ₦400 million on July 17, 2025.
The agreement included a default clause: if any instalment was missed, the entire outstanding balance would become immediately due and attract 20 percent interest per quarter until fully paid.
The creditors’ counsel, Tobenna Nnamani, informed the court that RSNL defaulted on the repayment plan, prompting the fresh application to enforce the judgment.
In addition to the restraining order, the court granted garnishee orders nisi to attach funds belonging to RSNL in various financial institutions.
The matter has been adjourned to May 7, 2026, for further proceedings.The judgment creditors have since demanded full disclosure of assets from the directors, including details of the Shoprite distribution centre in Ajao Estate, Lagos, and all relevant trademarks.
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