BREAKING: Shoprite to exit Nigeria after 15 Years

South African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria.

The megastore company with presence in virtually all states in Nigeria hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.

This was contained in a statement released on Monday.

It partly read, “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.”

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