Shoprite To Halt Operations In Nigeria

Reports we have gathered indicate that popular South African company, Shoprite Holdings Limited, have considered halting their operations in Nigeria.

The company has many outlets scattered across Nigeria, however, in their recent Operational and Voluntary Trading Update they were considering closing down all these outlets.

The statement reads;

“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 results for the year. Any further updates will be provided to the market at the appropriate time.”