- Advertisement -

South African retail giant Shoprite says it is not leaving Nigeria and would only be selling its stakes to Nigerian investors.

The company had said on Monday that its Nigerian subsidiary of Shoprite Holdings Limited may later be classified as “a discontinued operation” when it reports its results for the year.

Country Manager Ini Archibong for Chastest Consult, a public relations company for Shoprite Nigeria, told Vanguard that Shoprite had over $30 billion investment in Nigeria and would not leave the country.

“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 $30 billion investment and close shop? It doesn’t sound right,” he said.

“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.”

A memo dated July 31 from Shoprite General Manager Carl Erickson was also seen by Qed.ng on Monday informing employees of the company’s plans to expand its business.

“The expansion of the food retail business in Nigeria to a greater consumer market should remain everybody’s shared vision. It has, however, become apparent that the best manner in which to do this is by engaging Nigerian investors who share in this vision. In so doing, we will be creating a truly Nigerian business run and owned by Nigerians for the Nigerian market,” the memo read.

Shoprite began operation in Nigeria in 2005 and has over 25 outlets in the country.

- Advertisement -