A Federal High Court, Lagos has declined to hear an application to lift a mareva injunction barring South African retail company, Shoprite Checkers Limited, from transferring its assets.
Shoprite is seeking to overturn a July 14, 2020 mareva injunction made by Justice Mohammed Liman of the same court in favour of a Nigerian firm, A.I.C. Limited. Justice Liman restrained Shoprite “from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for the purchase of merchandise, from within the jurisdiction of this honourable court.”
The $10m judgment was entered in favour of A.I.C. Limited in 2018 against Shoprite by Justice Lateef Lawal-Akapo of the Lagos State High Court in Ikeja.
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