ShopRite Assets Frozen as Court Restrains Directors Over Unpaid Judgment Debt

• Federal High Court freezes ShopRite Nigeria assets, blocks share sales

• Directors barred from disposing company holdings pending debt settlement

• Case adjourned to May 7 as court orders full asset disclosure

A Federal High Court in Ikoyi, Lagos, has ordered the freezing of assets belonging to Retail Supermarkets Nigeria Limited, operators of ShopRite in Nigeria, over failure to settle a judgment debt.

The court, presided over by Ambrose Lewis-Allagoa, granted a restraining order against the company’s directors, including Jide Ogundare, prohibiting them from selling shares or disposing of company assets pending full payment of the debt.

The ruling followed an ex-parte application filed on November 21, 2025, aimed at enforcing a consent judgment earlier delivered on July 22, 2025.

Counsel to the judgment creditor, Tobenna Nnamani, also secured garnishee orders nisi, allowing the court to target funds held by the company across several financial institutions.

As part of the enforcement process, the court directed that all assets owned by the company be disclosed. These include both movable and immovable properties, notably its Ajao distribution centre in Lagos and associated trademarks.

The matter has been adjourned to May 7, 2026, for further proceedings as the court continues to oversee compliance with its orders.