Shoprite is not leaving Nigeria, company clears air

Retail giant, Shoprite has debunked a report making the rounds that it is pulling its business out of Nigeria.

The South Africa owned company is said to have decided to pull out of Nigeria “following approaches from various potential investors, and in line with our re-evaluation of the group’s operating model in Nigeria.”

An operational and voluntary trading update of Shoprite Holdings Limited revealed that the company's businesses outside of South Africa indicated a loss after they contributed a paltry 11.6 per cent to the group sales.

Clearing the air, the Country Director for Chastex Consult, Ini Archibong, who spoke with Vanguard, said that the company is not leaving Nigeria.

According to him, the company only gave Nigerian investors an opportunity which is part of its expansion plan in the country.

“Shoprite is not leaving Nigeria", he said.

“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 invest and close shop? It doesn’t sound right.

“We only just given 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 as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”