Sunday , April 18 2021
Shoprite finally sold

Shoprite sold, set for December to leave finally.

The company first announced in August 2020 that it was discontinuing operations in Nigeria, citing a reevaluation of its operating model.

The retailer has now announced in its latest financial report that the terms of sale have been concluded, and awaiting the approval of the Nigerian Federal Competition and Consumer Protection Commission (FCCPC).

The company expects the transaction to be approved by the end of the 2021 financial year after which it will make a clean break from Africa’s largest market after 16 years.

Despite the planned exit, the retailer said it is in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria.

This will include administration and services agreement to provide support to the new shareholders operating the outlets.

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3 comments

  1. Abeg make them go, make I see shop rent, dey sell my kaya. I don too dey under sun.

  2. Nigeria is just loosing everything. In the next 2yrs, I wonder how this country will look like.

  3. Oh no… Why? My pizza, my stone ice cream, my luxuries , everything beautiful.

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