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Shoprite Nigeria is awaiting FCCPC approval to conclude its sale to Nigerian property development company, Persianas. Nairametrics reported last year that Shoprite South African holdings was looking to spin off its Nigerian assets as it moves to decouple struggling businesses outside South Africa. Shoprite also sold off its interest in Kenya.
According to sources with knowledge of the matter, the Nigerian sale is awaiting regulatory approval from FCCPC an acronym for the Federal Consumer Competition Protection Commission, a relatively new regulatory body that wields enormous power including approving mergers and acquisitions that affect the interest of consumers. It is unclear how long the transaction will take to be consummated.
South African-owned retail giant, Shoprite, is edging closer to leaving Nigeria following the disposal of a 100% equity stake in its Retail Supermarkets Nigeria Ltd subsidiary.
The company first announced in August 2020 that it was discontinuing operations in Nigeria, citing a reevaluation of its operating model.
The retailer has now announced in its latest financial report that the terms of sale have been concluded, and awaiting the approval of the Nigerian Federal Competition and Consumer Protection Commission (FCCPC).
The company expects the transaction to be approved by the end of the 2021 financial year after which it will make a clean break from Africa s largest market after 16 years.