A Federal High Court sitting in Ikoyi, Lagos, has issued a restraining order against Mr Jide Ogundare and other directors of Retail Supermarkets Nigeria Limited (ShopRite), prohibiting them from selling the company’s shares or assets pending the full settlement of a judgment debt.
The order, granted by Justice Ambrose Lewis-Allagoa, followed an ex-parte application filed on November 21, 2025, in enforcement of a consent judgment delivered on July 22, 2025.
Counsel to the judgment creditor, Tobenna Nnamani, FCIArb, successfully urged the court to also issue garnishee orders nisi, targeting funds held by the judgment debtor across multiple financial institutions.
In line with the court’s directive, the creditor’s counsel has demanded full disclosure of all assets owned by the company, including both movable and immovable properties—among them the Ajao, Lagos distribution centre and all associated trademarks.
The case has been adjourned to May 7, 2026, for further proceedings.
Stay ahead with the latest updates!
Join The Podium Media on WhatsApp for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
Chat with Us on WhatsApp
