In a new twist of events, retail giant, Shoprite, has denied reports of a planned exit from Nigeria after 15 years.
In a statement on Monday, the Cape Town-based retailer had said it has commenced a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
The company said the results for the year do not reflect any of their operations in Nigeria, as it will be classified as a discontinued operation.
“Following approaches from various potential investors, and in line with our re-evaluation of the group’s operating model in Nigeria, the board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its result for the year,” the statement read.
However, Country Director for Chastex Consult, Ini Archibong, said, “Shoprite is not leaving Nigeria.
“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.
“We only gave this opportunity to Nigerian investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.
“I have tried to say this to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”
