Africa’s biggest grocery retailer and South Africa-owned chain of stores, Shoprite, has finally left Nigeria after 16 years of operation.
Ketron Investment Limited, a subsidiary of Persianas Investment Limited has completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other suitors.
Property firm and developer Persianas, is owned by Nigerian businessman Tayo Amusan.
Amusan also owns The Palms, a popular mall in the upmarket Lekki area of Lagos.
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
The business under Amusan will now operate a franchise model as opposed to Shoprite’s ownership model.
Shoprite first informed investors of a potential divestment of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistic difficulties, currency devaluation and Nigeria’s peculiar business environment.
Shoprite, which commenced operations in Surulere, Lagos in 2005, currently operates 25 outlets in eight states across Nigeria’s geopolitical zones.