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With over $30b Investment in the country, we are not leaving Nigeria – Shoprite Country Director

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The Country Director for Chastex Consult, Ini Archibong, has debunked news reports that Shoprite was leaving Nigeria.

In a phone conversation with newsmen, he declared: “Shoprite is not leaving Nigeria.” He said they were encouraging local investors to have substantial share in “our business”.

“We have only just opened to Nigerian investors which we have also been talking to just before now.

“We are only just giving this opportunity to Nigerian 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.”

“We are not leaving, who leaves over a $30 billion investment and close shop? It doesn’t sound right.

It will be recalled that the retail outlet had started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

News of the company’s withdrawal was based on its “Operational and Voluntary Trading Update” released on Monday.

“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,” it said.