Nigeria Court Says 'No', Freezes Transfer of Shoprite Assets
In August 2020, South African retail giant Shoprite officially announced its decision to discontinue operations in Nigeria, welcoming interest from various potential investors. A Lagos federal high court ruling has restrained Shoprite from among others, transferring or disposing of its trademark, franchise and intellectual property. The company has cited constraints around imports, as one of the reasons for its withdrawal from Nigeria. Shoprite is seeking to overturn the July 14, 2020 Mareva injunction, or freezing of assets, that was handed down by the same court in favour of a Nigerian firm A.I.C. Limited who had secured a U.S.$10 million judgement against Shoprite in 2018 - a ruling that the retail giant is still appealing. A.I.C. Limited obtained the injunction against the backdrop of Shoprite's announcement to pull out of Nigeria.
Africa's largest retailer, South African-owned Shoprite, has been rumoured to be closing its doors after operating in Nigeria for 15 years. This move has however been denied ... Read more »