Shoprite Begins Process To Exit Nigeria

Doris Emmanuel

Doris Emmanuel

Nigeria’s largest modern retailer, Shoprite said it will be selling its stakes in the Nigerian operation after the operating fortunes dwindled.

Shoprite had exited Kenya recently for the same reason.

In a statement by the company the group said:

“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

Apart from the tough economic environment, Shoprite has also been confronted by more competition from foreign and local rivals in the last three years.

Earlier this year, Mr Price Holdings (MRP), said it will be shutting down its operations in Nigeria.

This development is coming three quarters after it shuttered its operations in Australia, two years after it was floated.

Before the winding down of its operations in Nigeria, the casual wear retailer was operating about six outlets located across five states.

Shoprite launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in West Africa.

Our motto is: ‘We stand for the truth, irrespective of who tells it’. Driven by this philosophy, our aim has been to create a platform where every voice, every narrative – provided they are decently expressed –  is allowed expression. Our belief is that by promoting unfettered competition of ideas, the truth will eventually emerge. Obviously, doing this while resisting any temptation to be captured by any special interest or tendency makes survival as an online newspaper more challenging. This is why we will appreciate any support from our readers:

Bank details:

Account Name: The News Chronicle
Bank: UBA
Account No.: 1022603956 (Naira)

Domiciliary Account  – dollar-denominated:
Bank:  UBA
Account Number: 3002835294 ($)

Please email details of your bank transfer to: publisher@thenews-chronicle.com or send them by WhatsApp to: 07058078841

Professor Jideofor Adibe

Publisher

Leave a Reply

Your email address will not be published.

Follow Us For More

Related Posts

ADVERTISEMENT

What's New?

ADVERTISEMENT

Recommended