South African supermarket chain Pick n Pay has announced it will exit Nigeria, marking another retreat from the Nigerian market by a major foreign business.
Sean Summers, the CEO of Pick n Pay, revealed that the company will sell its 51% stake in a Nigerian joint venture with A.G. Leventis (Nigeria).
Reuters reports that Pick n Pay currently operates two stores in Nigeria and entered the market less than five years ago through a partnership with A.G. Leventis (Nigeria) Plc.
Summers explained that the decision is part of the company’s strategy to restructure operations outside its home market in South Africa.
In 2020, when Pick n Pay opened its first store in Nigeria, there was a buzz of excitement.
David North, group executive for strategy and corporate affairs, was quoted as saying in 2020:
Pick n Pay is not the only company that has withdrawn from Nigeria in recent years as companies battle harsh economic conditions amid the naira devaluation.
South Africa’s Shoprite Holdings and Mr Price have all sold off their shares, while multinational companies like PZ Cussons and GSK have also announced their exits from Nigeria.
TimesNow.com.ng earlier reported that Equinor Nigeria Energy Company (ENEC) agreed with Chappal Energies to sell ENEC’s 53.85% ownership in the oil and gas lease OML 128.
According to a statement obtained from Equinor’s website, this includes the unitised 20.21% stake in the Agbami oil field, operated by Chevron.
The statement, however, said the deal’s completion is subject to regulatory approval.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
