First Bank

Wednesday, April 14, 2021

Persianas may buy Shoprite's Nigerian business

A Nigerian property company, Persianas will be taking over Shoprite’s local business in Nigeria, Reuters reported on Wednesday, citing multiple sources.

Persianas is buying Shoprite’s Nigerian business after the South African retailer decided to retreat from other African markets.

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 about the deal have been disclosed.

Shoprite in August 2020 announced that it will be exiting the Nigerian market after over 15 years.

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