After 16 years of trade, South Africa-owned heavyweight chain store has concluded their exit from Nigeria, Africa’s most populous nation and biggest economy. The continent’s biggest FCMG retailer business has now joined the lists of South Africa’s failed businesses in Nigeria which includes the likes of Woolworths and Telkom.
Tayo Amusan, of Ketron Investment a subsidiary of Persianas Investment Limited completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other suitors.
The Federal Competition and Consumer Protection Commission has approved a change of ownership, Amusan has announced.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” Amusan says.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” he adds.
The business under Amusan will now operate a franchise model as opposed to Shoprite’s ownership model.