Ketron Investment Limited, a subsidiary of Persianas Investment Limited owned by Tayo Amusan has completed the acquisition of Shoprite operations in Nigeria.

In August 2020, Persianas, a property firm and developer of the popular The Palms, was said to be the preferred bidder for the Shoprite stake.

According to Shoprite, the divestment by Shoprite International is in line with its strategy to change from an ownership model to a franchise model.

Speaking in a statement issued on Tuesday, Tayo Amusan, said that the Federal Competition and Consumer Protection Commission had approved a change of ownership.

He added , “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.”

Shoprite operations in Nigeria began in 2005 and currently has 25 outlets in eight states across the country.

South Africa owned chain of stores and Africa’s biggest grocery retail stores has been struggling in Nigeria in recent years owing largely to increased competition, difficulties in logistics and Government policies surrounding Nigeria business and its environment.

Citing the Coronavirus pandemic and lockdown which also affected it’s business operation in 2020 and resulted to a decline in customers visits by 7.4% with the average basket spend increased by 18.4%.

Source: https://yinksmedia.com/the-palms-mall-owner-tayo-amusan-completes-the-acquisition-of-shoprite-operations-in-nigeria/

Nice move