What a massive value destruction for Shoprite shareholders. The voyage to Nigeria is coming to an end as Reuters reports that a buyer has been found.
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.
Banking sources told Reuters that Persianas Properties emerged as the buyer after a bidding process and the company is arranging debt for the buyout. The Palms shopping mall, Persianas’ flagship mall, houses a Shoprite store in the West African country’s commercial capital, Lagos.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Shoprite has more than 25 retail stores across Nigeria, including some of the largest in West Africa.
The Shoprite Nigeria’s Strikes – And Double Trigger Acceleration
---
Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.