The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.
In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.
According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.
Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.
“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”
“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.
The company had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria.
It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.
Trending #PantamiWillStay Is A Very Stupid Idealogy – Man Declares
Trending #PantamiWillStay Is A Very Stupid Idealogy – Man Declares—The Genius Media Nigeria reports that a Nigerians have taken to their social media to express displeasure over the trending #PantamiWillStay moment some Nigerians believes the minister for communication, Sheikh Isa Pantami should stay irrespective of any allegation.
Recall that in the early hour of Friday, Nigerians calls fro the removal of the minister over an alleged ties with Boko Haram.
Reacting to the trending hashtag, the aggrieved man tweet saying: People aren’t saying #PantamiResign because he’s a Muslim. They’re saying #PantamiResign because he said. He supports Taliban and Al-Qaeda, not Boko Haram. He also said
See his tweet below:
People aren’t saying #PantamiResign
People aren't saying #PantamiResign because he's a Muslim. They're saying #PantamiResign because he said. He supports Taliban and Al-Qaeda, not Boko Haram. He also said. We're happy whenever unbelievers are being killed. Trending #PantamiWillStay is a very stupid idealogy.
— IFA FUNSHO (@funshographix) April 16, 2021
JUST IN: WTO Ranks Nigeria As No 1 Importing Country In Africa
JUST IN: WTO Ranks Nigeria As No 1 Importing Country In Africa—The Genius Media Nigeria reports that the World Trade Organisation, WTO, has ranked Nigeria as the number one importer of commercial services in Africa in 2020.
Nigeria ranks 25th commercial importer in the world but the first commercial importer in Africa followed by Egypt.
While Egypt and Morocco made the list of world exporters led by the United States, Nigeria was conspicuously absent in the global commercial exporters’ list.
The US also ranked first in the commercial importers’ list followed by China, United Kingdom and Japan; while US, UK, China and India topped the exporters’ list.
WTO noted that preliminary estimates were based on quarterly statistics.
“Figures for a number of countries and territories have been estimated by the Secretariat,” it said.
“Data for 2020 are not yet available for the United Arab Emirates. In 2019, commercial services exports were valued at US$72 billion and imports at US$73 billion.”
BREAKING: Central Bank Includes Sugar And Wheat On FX Restriction List
BREAKING: Central Bank Includes Sugar And Wheat On FX Restriction List—The Genius Media nigeria reports that the Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.
This reliable platform gathered this information via the Apex bank verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.
The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”
Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them . #Emefiele
— Central Bank of Nigeria (@cenbank) April 16, 2021
The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
In 2020, the apex bank included maize in its FX restriction list.
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