Nigerian Tycoon, Tayo Amusan Restates Shoprite Nigeria Expansion Plans

Ketron Investment Limited, the new owner of Shoprite Nigeria, one of Nigeria’s leading supermarket chains, has announced plans to expand its operations through strategic partnerships and relationships with suppliers.

Ketron Investment Limited, an investment group led by Nigerian business tycoon, Tayo Amusan recently purchased a 100-percent stake in Retail Supermarkets Nigeria Limited, the Nigerian subsidiary of South Africa’s retail behemoth, Shoprite Holdings Ltd.

The new owners revealed that its expansion plans, which will focus on expanding its retail reach, will go a long way toward boosting the nation’s retail economy.

As part of the move to drive its operations under the new strategic expansion road map, the retail firm organized its first supplier and partner Forum in Lagos, Nigeria’s financial capital, engaging more than 200 suppliers and partners through the conference, expressing the need for support from its suppliers to drive sustainable growth.

“Expansion is a core pillar of our growth strategy, and we rely on the support of our suppliers and partners to collaborate to achieve this vision,” Hubertus Rick, Retail Supermarkets Nigeria CEO, said. “We need supplier-partner collaboration to drive sustainable profitable growth and yield shared value for all of our partners, not just our suppliers.”

Rick explained that the conference provided a platform for suppliers and partners to engage and gain a better understanding of the business goal of serving as a catalyst in the transition from traditional open-market retail trade formats to novel formal retail models.

He went on to say that this transition will foster and develop fair, efficient, and competitive markets, which will aid national development and long-term economic growth in Nigeria.

Amusan, the chairman of Retail Supermarkets Nigeria, said the company will continue to focus on embracing sustainable practices in order to grow the Nigerian economy, while also strengthening collaboration with its suppliers in order to deliver value to customers and expand the local supply network in the retail industry.

Ketron Investment recently received a N3.5-billion ($8.4 million) investment from the Bank of Industry to help drive the growth of one of its recently acquired assets, Shoprite Nigeria.

The $8.4-million capital injection comes after the investment firm purchased the 100-percent stake in Retail Supermarkets Nigeria Limited.