Shoprite is providing an opportunity for potential Nigerian investors to drive its expansion plans and is not planning to leave Nigeria, an official has said.
Ini Archibong, the Country Manager of Chastest Consult, a Public Relations Company for Shoprite Nigeria, said this in an interview in reaction to reports of Shoprite leaving Nigeria.
The company in its Operational and Voluntary Trading Update published on Monday announced that it has commenced a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
The retailer noted that further updates concerning its withdrawal from Nigeria will be provided to the Johannesburg Stock Exchange (JSE) at “the appropriate time”.
But Archibong said Shoprite had over $30 billion investment in Nigeria and is not ready to abandon it.
“Shoprite is not leaving Nigeria,” Archibong told the Vanguard.
“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 gave 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.”
Shoprite had in its trading update said Retail Supermarkets Nigeria Limited, its Nigerian subsidiary, may be classified as a discontinued operation when Shoprite reports its result for the year.