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Here’s Real Reasons Shoprite Is Shutting Down Its Operations In Nigeria

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Shoprite
  • Shoprite has discontinued operations in Nigeria and selling a majority stake to other investors.

The Board of Africa’s biggest retailer, Shoprite, has announced plans to discontinue operations in Nigeria after 15 years in.

Why did Shoprite leave Nigeria?

Shoprite, says that it plans to sell its operation in Nigeria. Another landmark South African corporate exit from investment abroad.

“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.”

Read more here.

 

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