We are not leaving Nigeria says ShopRite as it debunks rumour of exit.
ShopRite Nigeria has debunked the ‘rumour’ making rounds that it intends to close shop in Nigeria.
According to vanguard news as gathered by newspaedia, Country Director for Chastex Consult, Ini Archibong, in a telephone conversation, 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 give this opportunity to Nigeria 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.”
Earlier, it was reported that retailer struggles in the Nigeria market after some South African owned retailer shops exited the Nigeria market.
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The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.
According to the report, international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.
See more details at Vanguard
Here is the statement made earlier by ShopRite Reps.
“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 discontinued operation when Shoprite reports its results for the year.
Any further updates will be provided to the market at the appropriate time,” the company explained.