Here Comes The Nigeria Business Mogul Who May Take Over Ownership Of Shoprite

LAGOS AUGUST 4TH (NEWSRANGERS)-Property developer Tayo Amusan is believed to be in the frontlines to buy the majority share of Africa’s largest food retailer Shoprite in its Nigerian subsidiary.

Mr Amusan owns Persianas Nigeria Limited, a property development company, with some of his property housing Shoprite stores.

The Nigerian is believed to be among three entities vying for the larger stake of the retailer, TheCable reports.

One of the contenders is also into property development but with links to a foreign country while the other is a South African company backed by South Africa’s pension fund.

It is understood that the deal will involve Shoprite retaining the management of its chain of operations, brand name, trademarks, and supply chain.

Although Amusan founded Persianas in 1990, he established The Palms mall in 2004 in Lagos and now owns several chains of the mall in Enugu, Kwara, Ota and Ibadan.

Amusan sits on the board of several Nigerian companies, including African Paints Nigeria Limited, and he is also the chairman of Resourcery Limited.

A memo dated July 31 from Shoprite General Manager Carl Erickson was seen by Qed.ng on Monday informing employees of the company’s plans to expand its business.

“The expansion of the food retail business in Nigeria to a greater consumer market should remain everybody’s shared vision. It has, however, become apparent that the best manner in which to do this is by engaging Nigerian investors who share in this vision. In so doing, we will be creating a truly Nigerian business run and owned by Nigerians for the Nigerian market,” the memo read.

Shoprite began operation in Nigeria in 2005 and has over 25 outlets in the country.

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Posted by on Aug 4 2020. Filed under Business, National. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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