Shoprite Concludes Move On Disposal Of Nigerian Outlets

Retail giants Shoprite Holdings Limited has announced that the sale of its Nigerian outlets has now reached its completion stage.

The company had in August in its half-year 2020 financial report, announced that it will gradually end its operation in Nigeria due to the streak of losses it made from its investments in Nigeria.

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Shoprite said it would shut down operations in the country by disposing of its entire equity stake in its Nigerian retail supermarkets.

Following this move, the management of Shoprite holdings received interest from potential buyers, and after key talks with buyers, it is at the approval stage in terms of the sale of its Nigeria supermarket operation.

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

Shoprite's management expects that the transaction would be approved by the end of the 2021 financial year, adding that it 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.