After series of loses occasioned by policy inconsistency, exchange rate volatility, double taxation among others, Shoprite, Africa’s largest food retailer, is planning to leave the Nigerian market.
In a trading update filed at the Johannesburg Stock Exchange (JSE) today, the retail giant said it was planning to discontinue its operations in Nigeria.
“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,” the update read.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.” the report said
Shoprite launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005. It currently has several outlets across the country
