We Are Not Leaving Nigeria, Who Leaves Over A $30billion Investment and Close Shop? –Says Shoprite

 

  • ….We Have Only Just Opened to Nigerian Investors

Africa’s largest food retailer, Shoprite, has said that contrary to the story making the rounds, it is not closing shops in Nigeria.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, made this known this afternoon.

According to Archibong, “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 investment 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 to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

However, The Daily Bells recalls the retail giant had in a trading update filed at the Johannesburg Stock Exchange (JSE) on Monday morning, said it was planning to discontinue its operations in Nigeria.

The plan, Shoprite said, was as a result of posting of continuous losses from its operations in the west African country.

“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,” the update read.

“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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