The South African company, Shoprite holding limited says it will auction off it’s outlets in Nigeria .Shoprite has been in Nigeria for about 15years after it opened it’s first store in Lagos in December 2005.
The company claims the departure of the Mega store from Nigeria has to do with the Corona Virus Pandemic that has destroyed major businesses Globally.
It has also been made known that the Megastore company has been approached by various potential investors.
Following approaches from various potential investors, and also with the re-evaluation of the group’s operating model in Nigeria. The board has decided to initiate a formal process to consider the potential sale of all or a majority stake in retail, Supermarkets Nigeria Limited, a subsidiary of Shoprite international limited