Nigerian firm, Ketron, acquires Shoprite Nigeria

A Nigerian firm, Ketron Investment Limited, has taken over Shoprite stores in Nigeria having acquired 100 per cent Shoprite Retail Supermarkets Nigeria Limited, owner and operator of the stores.

Already, the change in ownership has received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).

The divestment by Shoprite International is said to be in line with its strategy to change from an ownership model to a franchise model.

Chairman, Ketron Investment Limited, Tayo Amusan said completing the acquisition of Shoprite would ensure the continued operation of one of the biggest retail success stories in Nigeria.

He 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.”

Amusan explained that their vision was to create better fundamental change within Nigeria.

He said with benefits from their knowledge of the ever-evolving Nigerian retail marketplace, well-grounded social and economic research, and hands-on experience from their team, they are confident that the acquisition would foster a robust and sustainable business model for the ultimate benefit of all stakeholders,” he said.

On his part, Chief Executive Officer, MBO Capital, Jide Ogundare, said the deal signals an opportunity for Ketron to uphold a thriving business.

“It will be hard work,” he said, adding, “But with the plans we have in place, and with the support of the larger Shoprite family in Nigeria including our staff and every Nigerian shopper that walks through our doors, we are confident of success.”

He also said, “Shoprite Holdings is Africa’s largest food retailer, operating 2,843 supermarkets in 15 countries and serving 35 million customers in Africa and the Indian Ocean Islands.

“At the moment, Shoprite Nigeria’s supply chain includes more than 300 leading Nigerian suppliers and boasts small businesses and farmers among its partners and suppliers.

“Ketron has said that Shoprite International will continue as technical advisers and Ketron will sustain the relationships established by Shoprite over the last decade and a half while ensuring a smooth “transfer of values.”

Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 states and Abuja.

According to the terms of this acquisition, Ketron acquires 100 per cent ownership of Shoprite in Nigeria and will continue operations across all existing outlets.

It also plans to open additional stores and introduce more Nigerian-made products in the stores. This he noted, will also result in more opportunities for Nigerians.