Shoprite Debunks Exit Rumour

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Retail giant Shoprite has denounced reports making rounds that it intends to fold up businesses in Nigeria.

An earlier report stated that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

However, The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, 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.”

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