BREAKING: Shoprite to stop operating in Nigeria

Shoprite has revealed it may stop operating in Nigeria.

The popular South African company with hundreds of outlets in Nigeria, says it may not continue operation in Nigeria.

The company stated this in its “Operational and Voluntary Trading Update” released on Monday.

Shoprite Holding Company said this due to the effect of the coronavirus pandemic.

“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,” it reads.

“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,” the company’s Operational and Voluntary Trading Update said.