Retail giant, Shoprite Nigeria, has denied the news in circulation that it intends to close shop in Nigeria.
The Country Director for Chastex Consult, Ini Archibong, in a telephone chat, said: “Shoprite is not leaving Nigeria.
“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.
“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.
“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”
A News report has been in circulation that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.
The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.
The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.
The report also said international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.
South African operations contributed 78 percent of the overall sales and saw 8.7 percent rise for the years.