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Shoprite is reportedly gearing up to sell all majority stake of its Nigerian subsidiary, and billionaire businessman Tayo Amusan is first in line to make the sale. According to reports, the retail giant is withdrawing from Nigeria and other markets due to currency devaluation, lower commodity prices, and high inflation hitting household incomes. As of now, Amusan and his company is currently the leading bidder for Retail Supermarkets Nigeria Limited — the country’s subsidiary of Shoprite International Limited. Amusan — who holds 25 years of experience doing business in Nigeria — is credited for building The Palms Shopping Mall in Lagos, Nigeria’s first mall of international standards that also houses a Shoprite store, back in 2004. He then replicated it in Enugu, Kwara, Ota, and Ibadan, Face2Face Africa reports. The outlet also reports that Shoprite has over 2,300 operating shops across Africa and launched in Lagos, Nigeria roughly 15 years ago with more than 25 retail stores in...
Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release. Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million. “In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her...
Within its first year of launching, Nigeria-based fintech company Okra has secured yet another million-dollar plus funding round to help the startup continue to scale across the West African nation. According to a blog post published by the company, Okra announced a $3.5 million seed round led by Susa Ventures, with participation from existing investors such as TLcom Capital and newly-joined Accenture Ventures. The round also brought in super angel investors to contribute, including Rob Solomon — Chairman at GoFundMe; Arpan Shah — founding engineer and ex-Head of Data Platforms/Data products at Robinhood; and Hongxia Zhong — founding engineer and ex- Senior engineering manager at Robinhood. TechCrunch reports Okra has raised a total of $4.5 million between its first two funding rounds to date. Now the company intends to use the new investment to expand its financial data infrastructure across Nigeria. Okra — which was founded in 2019 by Fara Ashiru Jituboh and David Peterside — is...
Online grocery shopping can be incredibly convenient, but it’s not always accessible to people who are lower-income. A new program aims to fix that by offering online grocery shopping for those using the Supplemental Nutritional Assistance Program (SNAP). On Thursday, the U.S. Department of Agriculture announced the launch of its two-year pilot program based in New York. This allows SNAP recipients to shop for groceries online with Amazon and Walmart. ShopRite will also join the program early next week. In a statement, Secretary of Agriculture Sonny Perdue said: “People who receive SNAP benefits should have the opportunity to shop for food the same way more and more Americans shop for food – by ordering and paying for groceries online. As technology advances, it is important for SNAP to advance too, so we can ensure the same shopping options are available for both non-SNAP and SNAP recipients.” Retailers will have limited delivery in the New York pilot areas. ShopRite and Amazon...