By Tanko Momoh
Africa’s biggest retail supermarket, Shoprite, has released a report “Operational and Voluntary Trading Update (52 Weeks Ended June 28, 2020), indicating it is pulling out of Nigeria.
The supermarket is leaving Nigeria after 15 years of operation in eight out of the 36 states, including Abuja.
In the statement on August 3, 2020 it said: “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 discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” the company explained.
Details later..
