Shoprite eventually leaves Nigeria permanently
Africa’s largest grocery retailer and South Africa-owned chain of stores, Shoprite, has eventually left Nigeria–Africa’s most populated nation and largest market–after 16 years.
Ketron Investment Limited–a division of Persianas Investment Limited–has completed the purchase of Shoprite assets in Nigeria, after winning a bidding war involving three other suitors.
The Property firm and developer Persianas, is owned by the Nigerian businessman Tayo Amusan.
Amusan also owns The Palms, a popular mall in the upmarket Lekki, Lagos.
The Federal Competition and Consumer Protection Commission has approved a change of ownership, announced Amusan.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” Amusan says.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” he adds.
The business under Amusan will operate a franchise model as opposed to Shoprite’s ownership model. Shoprite first informed investors of a potential divestment of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistic difficulties, currency devaluation, and Nigeria’s peculiar business environment.
Shoprite, which commenced operations in Surulere, Lagos in 2005, currently operates 25 outlets in eight states across Nigeria’s geopolitical zones.