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ShopRite is Leaving Nigeria – Rumor Debunked

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The “ShopRite is Leaving Nigeria” rumor which has been making rounds has been debunked by the grocery retailer giant.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.

“We only gave this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.

“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

The report which was said to be released on Monday said, the Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.

READ ALSO: Update: Lagos to reopen worship centres on August 7

According to the report, ShopRite said the results for the year do not reflect any of their operations in Nigeria. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation.

Also from the report, it was detailed that, International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported  1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

The report went further to say the company also said it has been approached by potential investors willing to take over its Nigerian operations and is contemplating an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.

Anthony Dirisu
Reporter, PapercodePost
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