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SHOPRITE FINALLY LEAVES NIGERIA AFTER 16 YEARS!!!

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Shoprite, Africa’s largest grocery retailer and a South African-owned retail company, has departed Nigeria, Africa’s most populated country and largest market, after 16 years. After winning a bidding war with three other suitors, Ketron Investment Limited, a subsidiary of Persianas Investment Limited, has completed the acquisition of Shoprite operations in Nigeria.

Nigerian businessman Tayo Amusan owns the property firm and developer Persianas.Amusan also owns The Palms, a major shopping complex in Lagos’ affluent Lekki neighbourhood. According to Amusan, the Federal Competition and Consumer Protection Commission has approved a change of ownership.

Amusan states, “We are happy to conclude the acquisition of Shoprite, assuring the continuing operations of one of Nigeria’s biggest retail success stories.”

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“We are looking forward to developing an even stronger organization as a result of our acquisition, and we are excited about the bigger influence we will have today and in the future for the benefit of our customers and other stakeholders,” he says.

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In contrast to Shoprite’s ownership model, Amusan’s firm will now function as a franchise.

Shoprite first told investors about a prospective divestiture of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistical challenges, currency devaluation, and Nigeria’s unique economic environment as reasons.

Shoprite, which first opened its doors in Surulere, Lagos, in 2005, now has 25 locations across Nigeria’s geographical zones.

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