Nigerian Billionaire, Tayo Amusan, Finally Acquires Shoprite From South African Owners
- Tayo Amusan acquired Shoprite Nigeria in a bid to expand his real estate business which already houses one of Shoprite store
- The Nigerian billionaire made 100% acquisition through his investment companies, Ketron and Persianas, giving him full control over Shoprite Nigeria
- The South African retail giant had announced last year that it intends to exit Nigerian market after sales continued to drop and COVID-19 affecting operation
Ketron Investment Limited has finalised the acquisition of Shoprite Nigeria, as Retail Supermarkets Nigeria Limited handover the keys to the new owner.
Ketron Investment is a subsidiary of Persianas Investment, and it will take over management of 25 outlets, located in 11 states and Abuja, that were previously under Retail Supermarket.
Commenting on the acquisition, Nigerian billionaire, Tayo Amusan, Chairman of Ketron Investment, Persianas Investment and The Palms mall said:
“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.”
The worth of the deal is unknown, but Shoprite Nigeria asset is valued around N30 billion. Despite being the largest store in Nigeria, the South African retailer was struggling with sales.
Source: Getty Images
Shoprite Nigeria was burning cash in recent years, with the COVID-19 pandemic disrupting sales and knocking revenue down. This forced the former parent company to end its exposure in Nigeria by selling off the retail chain.
Ketron Investment acquired 100% stake in Shoprite Nigeria, thereby assuming full control of the grocery store. It is not certain if the new owner will change the name, but his majority stake gives him right to change name since Shoprite parent company pulled out totally.
Meanwhile, Legit.ng had previously reported that Nigerian agric-tech startup, Thrive Agric, has secured over N722 million from a United States financial aid company.
USAID's West Africa Trade & Investment Hub invested the capital to support Nigerian farmers and increase their income from farm production across Nigeria.
Thrive Agric, founded by software engineer, Ayodeji Arikawe, want to employ additional 50,000 smallholder farmers with the fund and increase its farm output.
Source: Legit.ng
