This followed its failure to fully comply with a court-approved settlement in favour of African Retail Tabloid Limited (ARTL) and UEL Global Resources Limited (UEL), according to a demand letter issued by their legal representatives.
The letter, dated November 7, 2025, was addressed to the Managing Director of RSNL (ShopRite) and follows a Consent Judgment delivered by Justice A. Lewis-Allagoa of the Federal High Court, Lagos Judicial Division, in favour of ARTL and UEL.
The dispute arose from two separate financial claims: ARTL’s petition seeking the winding up of RSNL over an alleged debt of N440 million and UEL’s summary judgment claim of N1.33 billion.
The parties had sought to settle the matter amicably before the court.
Under the terms of the consent judgment, RSNL (ShopRite) is required to pay a combined sum of N1,765,991,433.23, structured in thirteen installments.
The repayment schedule began with N400 million due on July 17, 2025, and concludes with a final installment of approximately N66 million on January 18, 2026.
All payments are to be made directly into the creditors’ designated Zenith Bank accounts.
The judgment also stipulates that in the event of default, the entire outstanding balance becomes immediately due, accruing interest at 20 percent per quarter until fully repaid.
Creditors are empowered to enforce the settlement through all necessary legal mechanisms following the winding up petition.
The legal representatives emphasized, in the demand letter, that RSNL (ShopRite) has failed to comply with the terms of the judgment, triggering the default clause.
The Consent Judgment, jointly presented to the court by the legal teams of both sides, was formally adopted on July 22, 2025, making it binding as the judgment of the court. ARTL was represented by A.P. Ewaoyenikan, Esq., and H.T. Abdulsalem, Esq., while RSNL was represented by N. Ogunsakin, Esq.
The Settlement Agreement resolves both the winding-up petition and the summary judgment claim, bringing the long-standing financial dispute to a conclusion.
However, following the RNSL’s failure to pay in accordance with the Settlement Agreement and Court Order, another proceeding may be instituted to enforce the court-approved settlement.
