Shoprite Holdings Ltd., Africa’s largest food retailer, has sold its Nigerian operations to local investors 16 years after it opened its first outlet in the continent’s most populous country.
The company sold its stake to Ketron Investment Ltd., a Nigerian company owned by a group of local investors led by property firm Persianas Investment Ltd., Ketron said in an emailed statement.
Shoprite is changing its strategy “from an ownership model to a franchise model,” Ketron said. The acquisition has been approved by Nigeria’s federal competition and consumer protection commission.
With the sale, Shoprite becomes the latest South African business to exit the West African nation in the last decade. The retailer operated 25 outlets in eight states across Africa’s biggest economy but had been struggling with disruptions. Ketron said it plans to keep open new ones and display more Nigerian-made products.
“We look forward to building an even stronger company following our acquisition,” said Tayo Amusan, Ketron’s chairman.
Shoprite, which operates 2,843 supermarkets in 15 countries, serving 35 million customers in Africa and the Indian Ocean Islands, has struggled with supply-chain disruptions and repatriation of funds — both familiar problems to foreign businesses in the Nigerian market.
Such logjams prompted other South African retailers including Woolworths Holdings Ltd., Truworths International Ltd. and Mr Price Group Ltd. to quit Nigeria.
KPMG Advisory Services, MBO Capital and law firm Banwo and Ighodalo advised Ketron on the deal, according to the statement.
Cadbury Nigeria Recognised For Human Resource Management
Cadbury Nigeria Plc announced that it had been recognised as a top employer by the Netherlands-based Top Employers Institute, even as it stressed the importance of employee well-being.
Cadbury Nigeria, a subsidiary of Mondelēz International, made the announcement in a statement released on Wednesday as part of the celebration of its third annual purpose day.
The consumer goods manufacturer said it held a webinar for its employees anchored by experts in healthcare management.
The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said the company takes the well-being of its employees seriously, adding that they would give their best if they had the right mental attitude.
“That is the reason we organised the webinar by bringing in experts from Helen Keller International to speak to us on well-being, as part of our Purpose Day,” she said.
Adeboye added that the growing importance of holistic well-being made the company focus its annual Purpose Day activities this year exclusively on well-being in the areas of mind, body and connection.
The Country Director, Helen Keller International, Ms. Philomena Orji, was quoted as saying during her presentation, “Helen Keller is dedicated to scaling up evidence-based, cost-effective solutions to improve care practices and ensure that basic health interventions reach vulnerable people, with a focus on women, youth, and children.”
CSCS Reappoints Haruna Jalo-Waziri As CEO
The board of the Central Securities Clearing System has approved the re-appointment of the Chief Executive Officer, Mr. Haruna Jalo-Waziri, for another five-year term.
CSCS disclosed this in a statement on Tuesday, saying the company had seen a major boost in its revenue base and had also built strong strategic alliances with other financial market entities across Africa during Jalo-Waziri’s tenure.
It said Jalo-Waziri led the company’s profit growth by 18 percent compound annual growth rate and delivered a 20 percent return on average equity in the 2020 financial year amidst the pandemic.
The Chairman, CSCS, Mr. Oscar Onyema, said the board was impressed with the CEO’s performance and that the foundation built by the team had positioned the firm for its next growth phase.
Onyema said, “That is why we are aiming to consolidate on our gains and diversify the business for sustainable growth.
“On behalf of the board, I congratulate Mr. Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.”
Jalo-Waziri appreciated the board for the reappointment.
“I am tremendously proud of the talent pool we have built here at CSCS. As we set out to diligently execute our next growth strategy, I am super excited at the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity,” he said.
He added that he would continue to count on the support of the Securities and Exchange Commission, the board, participants and other stakeholders in deepening the Nigerian capital market.
BOC Gases Nigeria Plc Rebrands to Industrial and Medical Gases Nigeria Plc Following Acquisition
BOC Gases Nigeria Plc, Nigeria’s leading manufacturer of industrial and medical gases, has changed its name to Industrial and Medical Gases Nigeria Plc following an additional 60 percent acquisition by TY Holdings Limited in August.
TY Holdings Limited acquired a 60 percent stake owned by BOC Holdings UK to take its total stake in the company to 72 percent.
The company disclosed in a statement signed by Ayodeji Oseni, the Company’s Managing Director.
The statement reads, “The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of the Linde Group) by TY Holdings Limited. This has also resulted in the change of the Company’s logo and trademark.
“The Company has obtained a new certificate of incorporation from the Corporate Affairs Commission.”
Africa Must Close its Science and Technology Gap to Take Full Advantage of the AfCFTA – Ameenah Gurib-Fakim
Solana – a Bitcoin Rival – Will Hit New All-time Highs This Year
Ripple CEO Says The SEC Helped Ethereum to Overtake XRP As No.2 Crypto
Social Media3 weeks ago
Facebook Downtime Plunges Zuckerberg’s Wealth by $7B in Few Hours
Crude Oil3 weeks ago
Crude Oil Trading Near 3-year High Following OPEC+ Agreed to Gradual Increase
eNaira4 weeks ago
Official eNaira Website Goes Live
Economy4 weeks ago
British Petrol Stations Run Dry as Truck Driver Shortage Disrupts Supply Chain
Energy3 weeks ago
Ikeja Electric Notifies Lagos Customers On 8-Week Power Outage
Economy3 weeks ago
Nigeria Spent N445bn on Debt Servicing in Q2, Debts Hit N35tn – DMO
Government4 weeks ago
FG Places 3,964 Nigerians on Watch List, Suspends Passports
Travel3 weeks ago
Passport Power Ranking Records Widest Ever Gap in Travel Freedom