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Nairaland Forum / Nairaland / General / Business / Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary (25753 Views)
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Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by sammyscholar(m): 9:42am On Mar 16, 2021 |
ManionsoryMX:It's more of a change of ownership, not that the brand is closing its operations in Nigeria. 4 Likes |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by blackpanda: 9:43am On Mar 16, 2021 |
Bad business environment |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by RexTramadol1: 9:43am On Mar 16, 2021 |
Okay |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by blackpanda: 9:43am On Mar 16, 2021 |
Coldie: Did they ever have quality |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by GeneralPula: 9:43am On Mar 16, 2021 |
People don’t ever want to read anymore.. All they do is jump and spew trasshhh.. |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Reference(m): 9:46am On Mar 16, 2021 |
Swamp investment. Just as Kingsway, Bhojsons and Leventis superstores in the 70's and 80's, the poorly managed, ill-structured economy continues to devour and destroy multinational and transnational investments. It will surely go down like this: In Nigerian hands, compromises on quality and service will appear, folks will begin to vote with their feet, returning to markets and corner shops and while their products rot on their shelves staff begin to help themselves as salaries and discipline flags and the vicious cycle of internal corruption will finally bury the once famous brand....for another decade or two....until visionary leadership peeks at the Nigerian state and the economy picks up again...attracting a new set of alien venture investors for a new cycle of boom and bust. Without restructuring, this country CAN NEVER, NEVER, NEVER, EVER WORK. 4 Likes |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Coldie(m): 9:46am On Mar 16, 2021 |
blackpanda:The little one they had |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Rugaria: 9:48am On Mar 16, 2021 |
The way Awawa boys and one million boys loot their stuff down to shambles at the slightest opportunity is scary.. |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Nobody: 9:50am On Mar 16, 2021 |
I will message you bro sajb: |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Elsueno: 9:50am On Mar 16, 2021 |
This present administration keep joking about insecurity, they don't know that it's the basis of all our physical problems. Without security no business will operate well except the kidnapping & terrorising syndicates. Don't get me started on corruption, that's the Ancestor of insecurity. And Nigeria is one of the undisputed top most countries when it comes to corruption
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Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by wink2015(m): 9:51am On Mar 16, 2021 |
rodeo0070: That foreign goods ( especially south africa goods ) was the main attraction. If the Nigerian buyers can not get foreign goods to buy to suit his taste then this new buyer of the contract will eventually loose the share of the market. PEOPLE GO TO SUPERMARKET BECAUSE THEY WANT TO TASTE FOREIGN GOODS THAT IS MOSTLY FREE OF ADULTRATION and counterfeiting to some extent. Nigerians elites is killing shoprite to take over their business and then flood it with local Nigerian goods which are to some extent substandard or does not carry the special designer flair the foreign manufacturer of the products add. Shoprite do not want Nigeria government to kill the quality of their own goods. former minister of agriculture once said that Nigeria elites ORDER PIZZA FROM LONDON ( UK ) which is flown directly to Abuja airport Nigeria. They do not border about the exiting shoprite as they often shop from London UK and other european capital. it is the poor struggling masses ( average pocket ) Nigerians that are now faced with the problems resulting from shoprite exit. 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Yankee101: 9:51am On Mar 16, 2021 |
Others built Buhari scattered what they built 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by awoo47: 9:52am On Mar 16, 2021 |
sammyscholar:is it not Nigerians taking over? dats bad news for employees |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Temptee101(m): 9:52am On Mar 16, 2021 |
Chai!!! Everybody is running away from this zoo. Buhari is finally buried what is left of this shithole. Nnamdi Kanu said it and was called so many unprintable names. You all can see what Nigeria finally turned out to be. More job losses on the way to add to the ever increasing unemployment rate. God help us! |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by olisaEze(m): 9:54am On Mar 16, 2021 |
It is never a good omen when foreign investors start leaving ur country in droves. The rate at which the government slams exorbitant fines on foreign companies just to raise funds to loot is one. Not to mention money set aside for bribes. Power, water is a drain on their resources as they are being taxed for services they provide for themselves. We are used to all this already, but where they’re coming from there’s accountability for & visibility of the things their taxes are doing for them. Finally the mother of them all, a looming civil war because of loose statements on both sides of a clearly divided country coupled with the lackadaisical attitude of the President to the excesses of his kinsmen and those of the same faith with him. Except ure a gunrunner, no foreigner with brain in his head expects to do business for long in such a country. |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Elsueno: 9:55am On Mar 16, 2021 |
Reference: Na Indians take over leventis store several decades after it was abandoned. Now they bring thier several kind of household imports, sell at a very cheap price( because of that, the market people hate them). Then buy gum arabic with the profits & ship it to India. Those guys are freaking smart lol |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by ThisisBuhari: 9:57am On Mar 16, 2021 |
MansoryMX:when civil war starts na you go first die. Bad mouth |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by bigtt76(f): 9:58am On Mar 16, 2021 |
Good move ...when any small wahala for Lagos, boys go enter Shoprite begin de loot sake of say na South African company. Now with Nigerian ownership ....all man go sit up to protect their investment rodeo0070: |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Nobody: 10:00am On Mar 16, 2021 |
Reference: The perils of doing business in Nigeria is that earning in Naira is a recipe for wealth destruction. Many Nigerians dont understand this because they look simply in Naira terms but foreigners who have to convert the Naira back to their home currencies understand. That is why you will find that most of the foreigners/foreign companies who remain in Nigeria earn in forex. Naira is 33% of what it was in 2014 which means your naira eanings must rise 300% over that period just to keep up with your earnings of 7 years ago.....talk less of growth. There are very few foreign businesses that have profit growth rates in Nigeria to overcome the inevitable destruction in earnings over time through naira devaluation. 2 Likes |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Nobody: 10:01am On Mar 16, 2021 |
Ezmans: Foreign investment in Nigeria is no longer making sense. After a running battle with local officials, pilferage, in-house corruption, and insecurity, once they convert the meager remnants of the Naira profit back to their home currency, they are left with almost nothing to show their shareholders. 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Urban9aira: 10:04am On Mar 16, 2021 |
THEY SOLD SHAREHOLDING.. IT WONT CEASE THE BUSINESS.. adioolayi: |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by wink2015(m): 10:06am On Mar 16, 2021 |
Yankee101: You are correct President Buhari is the king of SCATTER SCATTER ! first Buhari started his madness by clamping down on peaceful endsars demostrators. He went on to ban the use of Cyptocurrency in Nigeria He is now chasing away Shoprite from the Nigeria market a business venture he came to meet on ground. He is using EFCC to hunt Online Workers who are legitimately earning money for themselves to cope with the challenges of unemployment. He is frustrating farmers with fulani herdsmen who have taken over the forest in the southern part of Nigeria including the middlebelt region He has destroyed the federal character principles which dictates that all federal positions should be spread across the various regional structures of Nigeria in its places he appoints his own northern kinsmen. He has frustrated the promise which his party made to get NIGERIA RESTRUCTURED WITHIN THE PRINCIPLES OF TRUE FEDERALISM. The Nigerian Naira have collapse far below International foreign exchange currencies like the Dollars, pounds etc 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by zabuur: 10:24am On Mar 16, 2021 |
MansoryMX: If a member of your family is involved in the purchase of shoprite, would you have written his nonsense? Civil War is coming. If it doesn't come, go and bring it |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by sammyscholar(m): 10:27am On Mar 16, 2021 |
awoo47:Not all Nigerian employers are bad. To surprise you, I work with an indigenous retail store (as big as shoprite) and they treat and pay us better than Shoprite. 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by nedzuby: 10:35am On Mar 16, 2021 |
MansoryMX: Where did you get your information from. Other countries are seeing great investments in Nigeria while we busy cursing and mocking ours. SMH 2 Likes |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by nedzuby: 10:36am On Mar 16, 2021 |
zabuur: Leave the guy. Others are seeing opportunities in Nigeria while he is seeing civil war 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by OriginalOmoOgun(f): 10:42am On Mar 16, 2021 |
Some will say this has to do with Buhari. They will neglect that they are being sued by the late Harry Akande and they don't want to pay |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by picklighthouse: 12:00pm On Mar 16, 2021 |
This is purely a business decision from all I see and has nothing to do with the Nigerian business environment. After all, the record posted showed profits and not losses. And they are not only divesting from their Nigerian company they already did so in Kenya. So it happens. Business managers know when to reduce investments in certain arears to reinvest the funds in other areas. And as for the staff I don't think it will adversely affect them really, since another company will be taking over the management of the franchise. The new managers will still need experienced hands to man their operations to ensure profitability. It happened in Etisalat, now 9mobile with no major job losses. Inevitable tweaking here and there but it will be fine eventually. 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Jorussia(m): 12:08pm On Mar 16, 2021 |
isthatso:Naira has moved from #197 in 2014 to #480 now.This increment of Naira is well over 100%.sincerely, i fear for the future of this country.The Nigerian economy is in a very sorry state and the government is either pretending or lying about it. |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Nobody: 12:48pm On Mar 16, 2021 |
To be honest what killed Shoprite in Nigeria is the consequences of exchange rate policy in Nigeria. Prior to 2015 we were at less than 200 naira to a dollar. right now the official rate is 410 naira what this means is that the value of profit made in Nigeria though large in Local currency will continue to decline because of the high exchange rate. A typical example is one million naira prior to 2015 was equivalent to 5,000 dollars but now that same one million naira in 2021 is equivalent to 2,400 dollars so that financially is not good for a multi national. That is the dilemma shoprite is facing in other countries in Africa that is what necessitated their exit. 1 Like |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by Nobody: 1:29pm On Mar 16, 2021 |
Jorussia: It is not just this government, all Nigerian govts are guilty. The ultimate verdict on an economy is it's currency. The naira has been falling since it was created BTW naira was 160 in 2014 not 197 |
Re: Shoprite Concludes Sale Of Its Equity Stake (100%) In Its Nigeria Subsidiary by goody234: 1:37pm On Mar 16, 2021 |
shoprite goes downhill from now ... |
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