Business
Shoprite Nigeria resets business model, denies exit rumours
Shoprite Nigeria reset business model to stay competitive, debunks exit claims, and announces new local-focused strategy backed by investors
Shoprite Nigeria reset business model plans are now underway, as Retail Supermarkets Nigeria Limited (RSNL) firmly dismissed speculation that it is exiting the country.
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The company, which operates the Shoprite franchise across Nigeria, clarified that recent store closures and empty shelves are part of a strategic business reset, not a shutdown.
In a statement issued on Friday, RSNL explained that it is undergoing a turnaround programme supported by new investors.
This effort, the company said, is designed to respond to Nigeria’s volatile exchange rates, rising inflation, and overall economic pressures, not a withdrawal from the market.
“The old model of operating large-format stores with high import dependency and heavy overheads is no longer sustainable,” said Bunmi Cynthia Adeleye, Chief Strategy Officer at RSNL. “
Yes, it has been a tough period, but this is not a collapse; it is a reset.”
The company revealed that its transformation plan includes a shift to smaller, more efficient store formats, an emphasis on sourcing over 80% of products locally, and increased focus on private-label affordability.
Key features of the reset also include:
- Strengthening local supply chains
- Improving liquidity management
- Cutting costs through energy optimisation
- Making the brand more culturally relevant and accessible to Nigerian consumers
“We are rebuilding Shoprite to be more local, more affordable, and more resilient,” Adeleye added.
“We are coming back bigger and stronger to serve Nigerian customers better than ever before.”
The company reaffirmed its long-term commitment to Nigeria, noting that it will continue to serve millions of customers and suppliers nationwide.
This announcement comes amid public concern over visible signs of distress in some outlets, which included temporary closures and low product availability.
Also read: Billionaire Businessman, Harry Akande, Battles Shoprite
However, the retail giant insists these are short-term adjustments during its transformation journey.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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