A Federal Capital Territory (FCT) High Court has issued an interim order restraining South African company Novare and its subsidiaries, owners of retail malls including Shoprite malls in Nigeria, from selling their assets in the country. The order was granted by Justice Peter Kekemeke following an ex-parte motion filed by the Nigerian partners of Novare Investment (PTY) Ltd—Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru.
In the suit marked FCT/HC/0224/2017 with motion number M/13811/2023, the applicants sought to prevent Novare from selling, leasing, or transferring interests in properties such as Novare Mall Lekki, Lagos State; Novare Mall, Sangotedo, Lagos; Novare Gateway Mall, Lugbe District, Abuja; Novare Mall, Apo, Abuja; Novare Central Mall, Wuse Zone 5, Abuja, and other Novare Malls under construction in Nigeria. The interim injunction will remain in effect until the hearing and determination of the motion on notice.
This legal development is part of the ongoing legal battle between the parties since 2017, when Novare expressed intentions to divest from Nigeria, citing supply chain disruptions and challenges in repatriating funds. The matter is scheduled for a hearing of the motion on notice on February 13, 2024.