Shoprite quits Nigeria

Lagos, Nigeria

Shoprite, one of the first SA companies to expand into Nigeria is pulling out after 15 years, a huge change in the long-term strategy pushed by former CEO Whitey Basson.

The decision is a U-turn for CEO Pieter Engelbrecht, who inherited the once lucrative but risky Nigeria business from Basson, and who told Business Times two years ago that the West African country was central to the group’s cross-border expansion strategy.

Shoprite said in August it had been approached by various investors and has decided to initiate a formal process to consider the potential sale “of all, or a majority stake” in its Nigerian supermarket business.

Source: Business Day