Shoprite to Nigerians: Who leaves over a $30billion investment and close shop? It doesn’t sound right

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Supermarket giant, Shoprite has said it is not leaving Nigeria, contrary to the news making the rounds.
Vanguard newspapers reported that the Country Director for Chastex Consult, Ini Archibong, said in a telephone conversation that :
 “Shoprite is not leaving Nigeria.
“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.
“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving
“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”
The report that Shoprite intends to exit Nigerian market was based on the announcement made by Shoprite Holding Limited on Monday in its operational and voluntary trading update for the year ended on June 28, 2020.
 The announcement stated that “The Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”
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