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Shoprite Won’t Abandon N11.4tr Investment – PR

Shoprite will not abandon its N11.4 trillion ($30 billion) investment in Nigeria, the retailer’s image managers in the country, Chastex Consult has said.

The country manager for the public relations firm, Ini Archibong, rebuffed the widely circulated news of Shoprite’s imminent departure from Nigeria saying the company was only aiming to bring in more investors into the Nigeria business.

“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 invest and close shop.”?  It doesn’t sound right,” Archibong told Vanguard.

“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 to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

The clarification came in the wake of public concern over the report published in the annual report of the South African company where it was affirmed that it would be discontinuing its operations in Nigeria.

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