Shoprite Holdings Limited has announced that its board has decided to officially stop its operations in Nigeria over unpleasant market conditions.
The South African-owned retail giant has stated in August last year that it would gradually end its operation in Nigeria.
The South African Company said it will close operations in Nigeria by giving a 100% equity stake in its Nigerian retail supermarkets.
Shoprite’s Chief Executive Officer, Pieter Engelbrecht noted that the management was in the process of wrapping up a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
In his word “We are at the approval stage in terms of the sale of our Nigeria supermarket operations.
“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can”.
Since Shoprite started its first store in Lagos in December 2005, they have added more stores across eight states in the Federation including the Federal Capital Territory (FCT), Abuja with over 2,000 employees in Nigeria.