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Billionaire Businessman Tayo Amusan Set To Purchase Shoprite’s Stake In Nigeria

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...

Apr 20, 2021