BREAKING: Shoprite To Pull Out Of Nigeria

Shoprite Holdings Limited has said that it will end its business in Nigeria.

The South Africa owned retail outlet which has 26 branches in Nigeria made this known during an operational and voluntary trading update for the year.

Shoprite said that it took the decision “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. 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”.

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Shoprite Nigeria