ShopRite formally denies plan to move out of Nigeria
ShopRite Nigeria has denied the story which has been spreading like wildfire that it intends to close shop in Nigeria.
In the reaction of the Country Director for Chastex Consult, Ini Archibong, while speaking in a telephone conversation with a correspondent, said: “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 $30billion investment 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”.
It could be recalled that there has been several news reports which indicates that ShopRite has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.
The reports further explained that the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.