Retail giant Shoprite has sold its Nigerian operations to Ketron Investment Limited, a Nigerian company owned by a group of institutional investors led by Persianas Investment Limited 16 years after it opened its first outlet in the continent’s most populous country.
Ketron announced the purchase of Shoprite Nigeria’s assets after approval from the Federal Competition and Consumer Protection Commission (FCCPC).
We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria. We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future.said Tayo Amusan, Ketron’s chairman.
According to Bloomberg, Shoprite becomes the latest South African business to exit the West African nation in the last decade. Other South African retailers including Woolworths Holdings Ltd., Truworths International Ltd., and Mr Price Group Ltd. to quit Nigeria.
The retailer operated 25 outlets in eight states across Africa’s biggest economy but had been struggling with disruptions. Ketron said it plans to keep open new ones and display more Nigerian-made products.