Shocking! Shoprite Moves to Wind Up Business in Nigeria

… Shehu Sani says it Will Help Local Supermarkets to Grow

By Chris Udochukwu

Abuja (Precise Post) – Fifteen years after operations in Nigeria, , one of Africa’s biggest grocery retailer, has indicated plan to wind up its in the country.

The company disclosed this in a statement titled: “Operational and Voluntary Trading Update (52 Weeks Ended June 28, 2020), made available to newsmen on Monday.

“Following approaches from various potential investors and in line with our re-evaluation of the Group’s operating model in , the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Limited, a subsidiary of International Limited.

“As such, Retail Supermarkets Limited may be classified as discontinued operation when reports its results for the year. Any further updates will be provided to the market at the appropriate time,” the company explained.

It disclosed that its international supermarkets (excluding ) contributed 11.6 per cent to the group’s sales and reported 1.4 per cent decline in sales from 2018. South African operations contributed 78 per cent of overall sales and saw 8.7 per cent rise for the year.

It stated that despite difficult circumstances occasioned by the Covid-19 lockdown and accompanying regulations governing trade, transport and operations, the group increased total sale of merchandise for the 52-week to June 28, 2020 (including the impact of hyperinflation in the prior year), by 6.4 per cent to approximately R156.9 billion.

Former federal lawmaker, Senator Shehu Sani has reacted to the announced imminent closure of Shoprite by its management.

The Kaduna senator who took to his twitter handle @ShehuSani said that the closure of Shoprite will help local supermarkets to grow.

The Senator tweeted thus:

“If Shoprite wants to stay,they can stay;if they want to go,they can go;it will help local supermarkets to grow.”

Leave a Reply

Your email address will not be published. Required fields are marked *