BOI pumps N3.5bn to ShopRite’s new owner, after South African firm exited Nigeria

June 21st, 2022

The Bank of Industry (BOI) has made an equity investment valued at N3.5 billion in Ketron investment Limited, which acquired ShopRite stores in Nigeria.

The investment was contained in its 2021 annual results published on its website and obtained by Ripples Nigeria on Tuesday.

Reggie O'Kenneth Bebe, Reggie – Bebe ft. O’Kenneth

According to the financials, BIO plans to hold in the long term for strategic reasons.

Ketron Investment Limited, a wholly-owned subsidiary of the Nigerian property group Persianas Limited, announced the buyout of Shoprite’s operations in Nigeria, last year.

Shoprite International Limited, last year concluded sale of its 100 per cent shareholding in Retail Supermarkets Nigeria Limited (RSNL).

Persianas Limited is owned by Nigerian businessman Tayo Amusan who is the chairman of Ketron Investment.

The terms of the Shoprite transaction included both a franchise agreement which secures Retail Supermarkets Nigeria Limited’s right to continue to use the SHOPRITE brand as well as an administration and services agreement which provides RSNL with administration and technical support from the Shoprite Group for an initial period of five years.

Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 Nigerian states and Abuja, FCT.

Ketron said it would continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products.

“It is our vision to create fundamental change for the better within Nigeria,” said Amusan.

Meanwhile, BOI has declared N62.8 billion as profit before tax (PBT) in the 2021 fiscal year a significant 75.2 per cent increase when compared to N35.54 billion in 2020.

See also  JUST IN: NECO extends 2022 registrations form to June 20 - SEE

Its loans and advances also improved by 4.1% to N779.3 billion in 2021 from N748.96 billion in 2020

The post BOI pumps N3.5bn to ShopRite’s new owner, after South African firm exited Nigeria appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

Reggie O'Kenneth Bebe, Reggie – Bebe ft. O’Kenneth

CLICK HERE TO COMMENT



Be the first to comment

Leave a Reply

Your email address will not be published.




This site uses Akismet to reduce spam. Learn how your comment data is processed.