JUST IN: Shoprite to shut its Abuja location on June 30.
Shoprite Mall has said that it will close one of its locations in Abuja on June 30, 2024.
The branch is located in Wuse Zone 5 near Novare Central Mall.
This was stated in a memo that our correspondent received on Monday and that was signed by the retail supermarket’s chief executive officer, Dr. Folakemi Fadahunsi.
The allegation was also verified by a store employee who begged to remain anonymous, stating, “Yes, it is true, we just heard it here too.”
The well-known mall justified its choice by citing a careful analysis of the store’s financial status and the state of the industry.
It also informed vendors that the store would no longer require their services.
“We regret to inform you that Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja, as of June 30, 2024,”
the circular stated. This choice was taken following a careful analysis of the financial standing of the store and the state of the industry.
We think that this is the greatest course of action for the long-term development of our company.
“Our company will cease operations in Wuse, Abuja, on June 30, 2024, and we will no longer need your services for the Novare Wuse Central Mall Store.”
Please be aware that the store will also be terminating all current service contracts.
In order to clear outstanding amounts, the company would be evaluating its financial records within the next sixty days, according to the circular.
We will carefully evaluate our accounting records over the next sixty days (about two months) if your services are explicitly
related to the Novare Wuse Central Mall Store and if there is an outstanding balance between our firms. After that, we’ll get in
touch with you right away to confirm the amount outstanding and go over a reasonable payment plan.
“We would like to thank you for your previous business. I’ve enjoyed working with you and your group. It further said to not
hesitate to contact us if you have any queries or worries, or if there is anything we can do to help you through this difficult adjustment.
A number of multinational corporations have departed Nigeria through the sale of their holdings, ownership transfers, or operations reductions.
The beer company Diageo sold its 58.02 percent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.
Dr. Vincent Nwani, a former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry in Nigeria and an economist,
claims that the departure of multinational corporations from the Nigerian economy has resulted in a N94 trillion loss of output in just five years.
The analysis states that more than ten businesses, including Standard Biscuits Nigeria Ltd., NASCO Fiber Product Ltd.,
Union Trading Company Nigeria PLC, and Deli Foods Nigeria Ltd., will cease operations in 2020.
He said that over 20 firms had left in 2021, including Framan Industries Ltd., Stone Industries Ltd., Tower Aluminium Nigeria PLC, Mufex Nigeria Company Ltd., and Surest Foam Ltd.
According to him, more than fifteen well-known brands—among them Universal Rubber Company Ltd., Mother’s Pride Ventures Ltd.,
Errand Products Nigeria Ltd., and Gorgeous Metal Makers Ltd.—left Nigeria in 2022.
In 2023, more than ten significant corporations departed, including Unilever Nigeria PLC, Bolt Food & Jumia Food Nigeria, ShopRite Nigeria,
Sanofi-Aventis Nigeria Ltd, Unilever Nigeria PLC, and GlaxoSmithKline Consumer Nigeria Ltd.
Five listed significant companies—Microsoft Nigeria, Total Energies Nigeria (due to divestment), PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, and Diageo PLC—left Nigeria in the first half of this year.
