The FCCPC casts shadows on the Shoprite exit from Nigeria

* Says application for merge and join is pending

Written by Princewill Ekwujuru

The Federal Competition and Consumer Protection Council (FCCPC) said it was unaware that the retail conglomerate Shoprite was leaving Nigeria, but that applications for a merger / acquisition involving it were pending.

Executive Vice President / Chief Executive Officer, FCCPC, dr. Babatunde Irukera, in a telephone conversation with Vanguard, said: “We don’t know if Shoprite is leaving Nigeria or not, but we have a pending request for merger / acquisition by the customer.

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“The media can report on anything, what I know is that there is a pending connection application in my office. Merger / acquisition applications do not suggest whether the company is leaving or not. What I do know is that we have an application for merging / merging here. ”.

A media report earlier in the week claimed that Shoprite had finally sold 100 percent of its capital in Nigeria and that it should leave Nigeria by December 2021.

Recall that it was first announced in August 2020 that Shoprite was exiting operations in Nigeria, citing a reassessment of its operating model, which was rejected through its public relations agency in Nigeria, chastex Consult.

The report also states that the trader has stated in its most recent financial statements that the terms of the sale have been concluded and are awaiting FCCPC approval.

However, at the time of submitting this report, the names (names) of the customers were not disclosed, and the efforts made in the conversation with the PR agency Shoprite failed because the phone calls did not pass.

Vanguard had previously published a story in which Shoprite uncovered rumors of his exit from Nigeria a few months ago, where he said: “Shoprite is not leaving Nigeria. Who leaves a $ 30 billion investment and closes trade? “

“We are just opening up to Nigerian investors with whom we spoke a while ago. We’re not leaving, whoever leaves more than $ 30 billion in investment and closes the trade. It doesn’t sound good. We have just given the opportunity to Nigerian investors to come in and help realize our expansion plan in Nigeria. So we’re not leaving. ”