COURT CASE: More Trouble For Buyers of Abia Mall, As Kalahari May Lose Investment
Afnews Editor
Mar 03, 2024
COURT CASE: More Trouble For Buyers of Abia Mall, As Kalahari May Lose Investment
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The transaction between Ecobank and Kalahari Retails & Distribution Company Limited as regards the acquisition of ABIA SHOPPING MALL, may be facing setbacks as legal issues have thrown in spanner into the already concluded transaction.
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In a publication by ALL FACTS NEWSPAPER on January 5th 2024, it posited that the Abia Shopping Mall which occupies about 24,000Sqm multi-floor commercial building with over 68 shop/office spaces has been sold off to Kalahari Retails & Distribution Company Limited by Ecobank.
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But a letter that was made available to ALL FACTS NEWSPAPER by an anonymous source, reveals a deep contention and legal logjams that may reverse the acquisition process or declare it null and void.
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In a document dated 24th January 2024, Adekunle Oyesanya LP Chambers wrote Kalahari Retail And Distribution Company Limited on behalf of their client Abia Retail Company Limited. In the letter, they drew the attention of Kalahari to two substantive suits and a plethora of Interlocutory Applications which makes it clear that the said property is not for sale until the suits are resolved.
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Still in the letter, the legal representative of Abia Retail Company Limited is surprised why the Kalahari will proceed to buy a property without due diligence based on the fact that the deal may be null and void before the court.
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[caption id="attachment_176183" align="alignnone" width="945"] COURT CASE: More Trouble For Buyers of Abia Mall, As Kalahari May Lose Investment[/caption]
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— Afnews Editor