Tayo Amusan Finally takes over ShopRite From South African Investors.
The Nigerian Billionaire, Tayo Amusan has recently acquired the South African Retail company, Shoprite for an undisclosed deal.
The Nigerian Billionaire, Tayo Amusan has recently acquired the South African Retail company, Shoprite for an undisclosed deal.
The retail company was acquired by Ketron Investment Limited which comprises of a group of investors and Tayo Amusan operating as the chairman.
It is important to note that Ketron Investment is a subsidiary of Persianas Investment, a property firm and developer owned by Amusan. The company responsiblefor the development of the Palms Mall in lekki .
According to reports, Ketron Investment will take over the management of 25 outlets, located in 11 states and Abuja, that were previously under Shoprite as they have acquired 100% stake in Shoprite Nigeria, thereby assuming full control of the company.
Amusan had earlier announced that The Federal Competition and Consumer Protection Commission has approved the change of ownership of the retail company.
Commenting on the acquisition, he said:“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,”
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future.”
The South African retail giant had announced last year that it intends to exit Nigerian market after sales continued to drop and COVID-19 affecting operation.
The Retail company who used over 15 years operating in Nigeria stated that customer visits for the year declined by 7.4% due to the pandemic lockdowns. It also noted that outside South Africa, sales only increased by 0.1%, and an overall decline in sales of 1.4% for the year.
The retailer also stated that lockdown restrictions because of coronavirus in 2020 had affected its operations in 14 African countries and that it was also battling currency-induced inflation surges – especially in Nigeria, where it has been hit hardest.
