Buyer of Shoprite Business in Nigeria Revealed
Thompson Nsisongabasi
Apr 16, 2021
A Nigerian property company, Persianas has been revealed as the buyer of Shoprite's local business in Nigeria.
Reuters reported this on Wednesday, citing multiple sources, including banks.
READ ALSO: BREAKING: How Hoodlums Set Orile-Iganmu Police Station On Fire [PHOTO / VIDEO]
Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation, though no further details have been disclosed.
READ ALSO: Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
Banking sources told Reuters that Persianas Properties emerged as the buyer after a bidding process and the company is arranging debt for the buyout.
READ ALSO: I Am Committed To Working With The Private Sector To Rebuild Abia - Gov. Otti
The Palms shopping mall, Persianas' flagship mall, houses a Shoprite store in Lagos.
Shoprite has more than 25 retail stores across Nigeria, including some of the largest in West Africa.
READ ALSO: How Devils son meets his waterloo Imag!ne what happen during an operation
Persianas and Shoprite declined to comment on the deal.
READ ALSO: Lynch mum on future, swaps jerseys with Rodgers
Persianas, which is chaired by businessman Tayo Amusan, with his wife, Ayo as CEO, came into being in 1990, according to information on its website.
READ ALSO: 7 Online Money Traps Young Nigerians Are Falling Into
It says since then it has grown to become a substantial group with the proven capabilities to initiate, construct and manage high quality retail, residential and commercial environments in Nigeria.
READ ALSO: World Wrestling Champion Osita Offor, Set To Partner Abia Govt To Revive Wrestling
It opened The Palms in 2004, which served as the cradle for Shoprite retail business in Nigeria.
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
It subsequently developed and opened four additional malls along similar lines in Enugu, Kwara, Ota and Ibadan.
READ ALSO: Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
The company's sixth mall will soon be opened in Abuja.
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Shoprite has said it is in the process of concluding a franchise agreement for the brand to remain in Nigeria as well as a services agreement to provide support to the new shareholders with operating the outlets.
Related Stories
Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
How Trump's Threat Triggered N2.8 Trillion Stock Market Crash In Nigeria - Investors Panic As Confidence Plummets
How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
7 Online Money Traps Young Nigerians Are Falling Into
""
— Thompson Nsisongabasi