Shoprite wraps up sale of Nigerian outlets

Six months after Shoprite announced its intention to end operations in Nigeria, it is concluding sale of its Nigerian outlets.

Shoprite will be disposing 100 per cent equity stake in its Nigerian retail supermarkets as part of the process to shut down operations.

In its latest financial report for December 2020, the company was waiting approval from the Federal Competition and Consumer Protection Commission after lodging transaction with the commission.

Approval of the transactions is expected before the 2021 financial year.

The company had in August 2020 announced that it would be leaving Nigeria officially as a result of unfavourable market conditions. However, the management is still engaged in a franchise agreement to keep the Shoprite brand and to support new shareholders.

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