Retail Supermarkets Nigeria Limited (RSNL), operating as ShopRite, is facing imminent legal enforcement over a N1.76 billion judgment debt following its failure to fully comply with a court-approved settlement in favour of African Retail Tabloid Limited (ARTL) and UEL Global Resources Limited (UEL).
The demand was communicated in a letter dated November 7, 2025, addressed to RSNL’s Managing Director by the legal representatives of the creditors. The letter 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 initially sought an amicable settlement.
Under the terms of the consent judgment, RSNL was required to pay a total of N1,765,991,433.23 in thirteen structured installments, beginning with N400 million on July 17, 2025, and concluding with a final payment of about N66 million on January 18, 2026. All payments were to be made directly into the creditors’ designated Zenith Bank accounts.
The judgment further stipulates that any default would render the entire outstanding balance immediately due, accruing interest at 20 percent per quarter until full repayment. Creditors are entitled to enforce the settlement through all legal channels, including pursuing the winding-up petition.
According to the demand letter, RSNL has failed to meet its payment obligations, thereby activating the default clause. The Consent Judgment, jointly presented by both parties’ legal teams, 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 resolved both the winding-up petition and summary judgment claims, but RSNL’s failure to comply could prompt further legal proceedings to enforce the court-approved settlement.
