JUST IN: Shoprite to shut down Abuja branch June 30

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Shoprite Mall has announced its intention to cease operation in one of its Abuja branches situated at Novare Central Mall in Wuse Zone 5 from June 30, 2024.

This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket on Monday, June 24, 2024.

The popular mall attributed its decision to a thorough evaluation of the store’s financial situation and the current business climate.

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It additionally notified vendors that their services would no longer be needed at the store.

The circular read, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.”

The circular added the company would be reviewing its accounting records in the next 60 days to settle outstanding balances.

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“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.


“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us, it added.

Multiple multinational companies have departed from Nigeria recently, employing various strategies such as scaling down operations, transferring ownership, or selling their stakes. One of the most recent instances occurred on June 11, 2024, with Diageo selling its 58.02% share in Guinness Nigeria to Tolaram Group.

This exodus has had significant economic repercussions for Nigeria, resulting in an estimated N94 trillion loss of output over the past five years, according to Dr. Vincent Nwani, an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry.

Dr. Nwani provided a breakdown of the departures by year. In 2020, more than 10 companies ceased operations, including notable names like Standard Biscuits Nigeria Ltd, NASCO Fiber Product Ltd, Union Trading Company Nigeria PLC, and Deli Foods Nigeria Ltd. The trend continued in 2021, with over 20 companies exiting, such as Tower Aluminium Nigeria PLC, Framan Industries Ltd, Stone Industries Ltd, Mufex Nigeria Company Ltd, and Surest Foam Ltd.

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.

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The first half of 2024 witnessed the exit of five significant companies, including Microsoft Nigeria, Total Energies Nigeria (due to divestment), PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, and Diageo PLC.


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