South African owned retailer, Shoprite, has finally left Nigeria after 16 years of doing business in the country as new owners have completed the process of acquisition.
Ketron Investment Limited, a subsidiary of Persianas Investment Limited has reportedly completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other suitors.
Property firm and developer Persianas, is owned by Nigerian businessman Tayo Amusan.
Amusan also owns The Palms, a popular mall in the upmarket Lekki area of Lagos.
The Federal Competition and Consumer Protection Commission has approved a change of ownership, Amusan has announced.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” Amusan says.
“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,” he adds.
The business under Amusan will now operate a franchise model as opposed to Shoprite’s ownership model.
Shoprite first informed investors of a potential divestment of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistic difficulties, currency devaluation and Nigeria’s peculiar business environment.
Shoprite, which commenced operations in Surulere, Lagos in 2005, currently operates 25 outlets in eight states across Nigeria’s geopolitical zones.