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ShopRite Clarifies Exit Talks

Foremost South African retail outfit, ShopRite, has debunked reports making the rounds of it’s alleged exit from the Nigerian market.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria.

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“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 investment and close shop? It doesn’t sound right.

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“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.”

Reports have been rife that the multinational grocery outfit would be exiting from the Nigerian market owing to a downturn in revenue turnovers.

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