
Another rounds of unemployment looms in the country as South African Company, Shoprite Holdings Limited, says the sale of its Nigerian outlets was being concluded.
Over 70million Nigerians are unemployed,according to the current figure of the Nigerian Bureau of Statistics.
The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.
Shoprite stated in its financial report for December 2020 that it was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.
The management of the expects the transaction to be approved by the end of the 2021 financial year,it said in the financial statement.
It added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.
“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”
“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.