The Federal Capital Territory (FCT) High Court has issued a temporary injunction preventing Novare and its subsidiaries, a South African company, from selling their assets, including prominent malls like Shoprite, in Nigeria.
This legal action comes in response to an ex-parte motion presented by the applicants’ counsel, Darlington Ozurumba, representing Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru, who are the Nigerian partners of Novare Investment (PTY) Ltd.
The motion, dated October 3rd, sought an interim order to restrain Novare from selling, leasing, or transferring interests in properties such as Novare Mall Lekki, Lagos State; Novare Mall, Sangotedo, Lagos; and Novare Gateway Mall, Lugbe District, Abuja, among others.
The court granted the interim injunction order on November 6, with the next hearing scheduled for February 13, 2024.