Shoprite concluding arrangements to exit Nigeria 2021 – CEO

 The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation."

South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets was being concluded.

The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets. 

 

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In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.

According to the company, the management expects the transaction to be approved by the end of the 2021 financial year. 

 

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Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.