A Court of Appeal sitting in Lagos has maintained the judgment of a Lagos High Court that ordered $10 million damages to be paid to AIC Limited who filed a suit against Africa’s largest food retailer, Shoprite Checkers (PTY) Limited. The suit was filed on the grounds that the retail giant breached an agreement to set up its Nigerian arm.
However, the Appeal Court declined a cross appeal AIC instituted against Retail Supermarket Limited, Nigeria’s subsidiary of Shoprite Group, asking it to award 50 percent of $92.3 million against the subsidiary as loss of profit incurred due to the breach of contract by its parent company.
Furthermore, the court had directed the South African retail giant to pay 10 percent per annum on the damages from the date of judgment until the entire sum is complete.
The Cross Appeal which AIC filed demanding 50 percent of $92.3million as loss of profit it suffered was due to the incorporation of Retail Supermarkets Limited. AIC argued that the incorporation was a breach in ShopRite’s agreement to partner with of the agreement for the period of 2005 to 2009.
In its decision, the three-man panel, comprising Justice Joseph Ikyegh, Justice Tijjani Abubakar and Justice Ugochukwu Ogakwu, threw out the appeal of Shoprite Group having established it breached agreement it entered with AIC to jointly set up the Nigerian subsidiary.
Almost everyone in developed and under-developed economies has been negatively affected someway by the covid-19 pandemic. Regardless of how minimal the impact has been on you and your family, this is the time to better prepare for what lies ahead. Use the current downtime to strengthen your knowledge and confidence. Read all 365 pages of “Push Your Dreams”. “Push Your Dreams” is an Electronic Non-Fiction Book of inspiring and powerful educational extracts authored by Olatorera Oniru. “Push Your Dreams” has 365 pages filled with powerful sparks to help you grow fast into an influential master of business and life. Available now on Olatorera.com/push-your-dreams and on Amazon.com.
About Olatorera Consultancy (OC):
Olatorera Consultancy is a modernistic venture combining deeply-rooted knowledge on Africa’s culture and challenges plus close relationships with topmost leaders to promote development. We provide consultancy, business development and advisory services to notable companies and high net-worth individuals.