Shoprite Sells Its Nigerian Operations To Local Investors

Africa’s largest food retailer, Shoprite Holding has sold its Nigerian operations to local investors in Nigeria, 16 years after it opened its first outlet in the most populous country of the continent.
This is coming two months after the South African company which operates 2,843 supermarkets in 15 countries, serving 35 million customers in Africa and the Indian Ocean Islands debunked rumours and reports that it is shutting down operations and businesses in Nigeria.As reported by Bloomberg, Shoprite has sold its stake to Ketron Investment, a Nigerian company owned by a group of local investors led by property firm Persianas Investment, as reportedly confirmed in an emailed statement signed by Tayo Amusan, the Chairman of Ketron.
Revealing that the acquisition has been approved by Nigeria’s federal competition and consumer protection commission, Ketron reportedly said that Shoprite is changing its strategy from an ownership model to a franchise model, and it (Ketron) plans to keep open new ones and display more Nigerian-made products.
“We look forward to building an even stronger company following our acquisition”, said Tayo Amusan, Ketron’s Chairman said in the statement, revealing that KPMG Advisory Services, MBO Capital and and law firm Banwo and Ighodalo advised Ketron on the deal, according to the statement.
Read also: Shoprite’s Exit Will Help Local Supermarkets To Grow – Shehu Sani
Shoprite which is the latest South African business to exit Nigeria in the last decade has over the years struggled with supply-chain disruptions and repatriation of funds — both familiar problems to foreign businesses in the Nigerian market.TRENDING VIDEO OF THE DAY: Greenfield Students Released After N108m Ransom