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U.S.$47 Million Debt Mars Supermarket Giant's Nigeria Exit Plan

A Federal High Court in Lagos has declined to vacate an ex-parte order stopping retail store Shoprite-Checkers from relocating from Nigeria over an alleged U.S.$47 million debt, reports Wale Igbintade from This Day and Olugbenga Soyele from Leadership.

The Shoprite-Checker's promoters were met by the brick wall which was a sequel to an ex parte order issued by the court presided over by Justice Muhammed Liman, who granted the request of a limited liability company, A.I.C. Limited, in a suit marked FHC/L/CS/881/2020, against the largest retailing store and three others. The court also gave the firm 14 days to comply with the order before adjourning the matter till July 14, 2022.

In August 2020, South African retail giant Shoprite officially announced its decision to discontinue operations in Nigeria, welcoming interest from various investors. Shoprite, in June 2021, sold its Nigerian operation to Ketron, a Nigerian company owned by a group of local investors, 16 years after it opened its first outlet in the country. The acquisition was approved by Nigeria's federal competition and consumer protection commission. 

InFocus

GeorgeOgala/PremiumTimes

(file photo).

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