*Plans to sell off its investments in the country
By Daniel Tyokua
Shoprite, the South African retail giant, has announced its decision to pull out from Nigeria after 15 years in the country.
The company said that operational environment in Nigeria do not fit into its revalued operational model.
The company in a statement on Monday, said it was now evaluating proposals for the sale of the stores in the country.
It added that already it was negotiating with potential new investors.
The company in the statement said: “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 a discontinued operation when Shoprite reports its result for the year”.