Nigerian business mogul, Tayo Amusan, has reportedly taken over South African retail giant Shoprite, according to a source close to the deal.
This comes after it emerged that Africa’s largest retailers have initiated process to exit Nigeria, bringing an end to its 15-year stay in the country.
In a trading update published on Monday, Shoprite stated that the decision was reached after “approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria.”
It added that when it reports its results for the year, its business in Nigeria “may be classified as a discontinued operation.”
But a source at the heart of the operation has exclusively told Olisa.tv that Amusan, Chairman of Persianis Limited, owners The Palms Shopping Mall, Lekki would take over the running of the chain of stores.
It is understood that Amusan, who owns shopping malls in Enugu, Kwara and Ibadan, would run the firm for three years after becoming the highest share holder.
He is set to rename it as Jarra.