Business

Shoprite to stop operation in Nigeria

Shoprite exit: Nigerians react as thousands faces job loss

Africa’s biggest grocery retailer, Shoprite Holding Limited, a South African Company with hundreds of outlets, has announced plans to discontinue operations in Nigeria, after 15 years.

The company stated this in its “Operational and Voluntary Trading Update” released on Monday.

It said this was due to the effect of the coronavirus pandemic.

In the statement, Shoprite said the results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

“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 statement reads.

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“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,” it added.

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