Africa’s biggest retailer bids Nigeria farewell.
Ketron Investment Limited–a group of investors-– has completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other suitors.
Among the investors is Persianas, which is under Ketron.
Tayo Amusan is the Chairman of Ketron.
Amusan’s property firm and developer Persianas developed the property, Palms Mall. He is not the sole owner of 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 11 Nigerian states and in the nation’s capital city of Abuja.
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