SIXTEEN years after opening its first outlet in Nigeria, Shoprite Holdings Limited reputed to be Africa’s largest food retailer finally packed up and sold its Nigerian operations to local investors.

The company sold its stake to Ketron Investment Ltd, a Nigerian company owned by a group of local investors led by Tayo Amusa of Persianas Investment Ltd, a property firm.

The Chairman, Ketron Investment Limited, Tayo Amusan said the development ushers in a new era that calls for expansion for greater impact.

“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria.

“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” he said.

Shoprite is changing its strategy from an ownership model to a franchise model,” as the acquisition of the company was approved by the Federal Competition and Consumer Protection Commission, FCCPC.

Ketron holds a 100 per cent stake in Shoprite Nigeria and would continue operations across all existing outlets.

However, the listed directors/owners of Ketron Investment Ltd, a company registered on 26 February 2019, include Oluwatoyin Bashir, Toyosi Alasi and Sandra Marume.

Alasi and Marume are both associate lawyers with Banwo & Ighodalo, while Alasi was director and shareholder, Marume was designated as the deponent.

With the sale, Shoprite becomes the latest South African retail business to exit the country in the last decade joining Woolworth Holdings Ltd, Truworths International Ltd and Mr Price Group.

The retailer operated 25 outlets in eight states across the country but had been struggling due to recent disruptions.

“We look forward to building an even stronger company following our acquisition,” Amusan, affirmed.

Shoprite operates 2,843 supermarkets in 15 countries, serving 35 million customers in Africa and the Indian Ocean Islands, but now struggles due to supply-chain disruptions.