Court Refuses To Vacate Order Halting Shoprite’s Exit Move Over $47M Debt

* Source : Businessamlive
By Gbenga Ogunbufunmi
Justice Nicholas Oweibo of a Federal High Court, Lagos, yesterday, turned down Shoprite Checker’s application, seeking to vacate an orders of mareva injunction stopping it from moving out of Nigeria or have its assets, both movable and immovable dissipated.
Justice Oweibo after listening to counsel to Shoprite, Mrs Funke Adekoya and that of AIC Limited, Mr Ayo Alebiosu from Bayo Oshinpitan and Co adjourned hearing of all application till September 7.
It would be recalled that Justice Muhammad Liman of the Federal High Court  had  last month stopped Shoprite Checker (PYT) from leaving the country over alleged $47 million USD debt.
Justice Liman granted  the ex-parte order while ruling on an application filed by A.I.C. Limited in  suit number FHC/L/CS/881/2020.
Others parties affected by the order alongside Shoprite Checker (PYT) are: Retail Supermarket Nigeria Limited, The Registrar of Trademarks and National Office for Technology Acquisition and Promotion (NOTAP), listed as second to fourth respondents in the suit.
At today sitting,  Justice Oweibo while adjourning  the matter till September 7,said  there was no urgency in the matter filed by the judgment debtor, Shoprite Checker (PYT).
At today’s proceedings, the judgment creditor, A.I.C. Limited, through its counsel, Ayo Alebiosu, from the law firm of Bayo Oshinpintan and Co. informed the court that his chambers was served the application yesterday and that they are still within time to file its response.
Following the submission  made by  Alebiosu Justice Oweibo adjourned the matter till September 7, 2020, for hearing of all applications.
It would be recalled that A.I.C. Limited through its lawyer, Prof. Taiwo Oshinpitan (SAN) had earlier obtained an injuction for an order of Mareva Injunction restraining Shoprite Checker (PTY), described as a Judgment Debtor, its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it 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 from the court’s jurisdiction.
AIC Limited who described itself as judgement creditor, also asked the court for an order of Mareva injunction restraining Shoprite Checkers (PYT) its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it from transferring, assigning, charging, disposing of its other assets including but not limited to trade receivables, trade payables, payment for purchase of merchandise within the jurisdiction of this Honourable court.
The applicant also requested for an order restraining Retail Supermarket Nigeria Limited, from making any financial payments whether by itself, privies. officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it to Shoprite Checker under the Administration and Technical Services Agreement between the Shoprite and it, in order not to render the Judgment of the Court of Appeal in Suit No: CA/L/288/2018 nugatory or the anticipated judgment from the Supreme Court in the appeal filed by it.
It further asked for an order of the court compelling and mandating the Retail Supermarket Nigeria Limited, to disclose its Audited Financial Statements for the years ending 2018 and 2019 to enable it determine the amount of the Shoprite Checker’s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No: CA/L/288/2018.
A.I.C Limited also asked the court to restrain the Registrar of Trademarks, from recognising any sale or assignment of any trademark, franchise of whatever kind reflecting any transaction by either Shoprite Checker or the Retail Supermarket Nigeria Limited, in connection with the corporate existence or approving any pending royalty(ies), interest, management fee, trade payment for the Shoprite Checker Limited, of the anticipated judgment turn but not less than $12.4 Million US Dollars and 10% post judgement interest per annum of the subsisting valid judgment debt.
The applicant also asked the court for an Order compelling and mandating the fourth Respondent (NOTAP) to disclose all pending requests by the Respondent for accrued payment in favour of Shoprite Checker, to be remitted outside Nigeria. And an order directing Shoprite Checker and Retail Supermarket Nigeria Limited, to maintain the status quo by preserving the terms of the Administration and Technical Services Agreement in order not to render the judgment of the Court of Appeal in this Suit No. Appeal No: CA/L/288/2018, nugatory
Justice Liman, after listening to the submissions of Prof. Oshinpintan (SAN) on the exparte application and affidavit in support, deposed to by one Joshua Oluwagbemiga Akinyemi, had granted to all the reliefs sought by A.I.C. Limited against Shoprite Checker (PYT) Limited and other respondents.

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