Business

JUST IN: Shoprite Announces Intention To Close Abuja Branch

Published

1 year ago

June 24, 2024

ShopRite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024.

The branch is situated at Novare Central Mall in Wuse Zone 5.

This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket and obtained by our correspondent on Monday.

A staff at the store who pleaded anonymity also confirmed the report, saying “Yes, it is true, we just heard it here too.”

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

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.

“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 multinationals have left Nigeria by either scaling down operations, transferring ownership or selling their stakes, the most recent being the sale of beverage company Diageo’s 58.02 per cent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.

The exodus of multinationals from the Nigerian economy has cost the country a N94tn loss of output in five years, according to an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry in Nigeria, Dr Vincent Nwani.

According to the analyst, for the first year, over 10 companies shut down operations in 2020, most notably Standard Biscuits Nigeria Ltd, NASCO Fiber Product Ltd, Union Trading Company Nigeria PLC, and Deli Foods Nigeria Ltd.

In 2021, he stated that more than 20 companies exited, including Tower Aluminium Nigeria PLC, Framan Industries Ltd, Stone Industries Ltd, Mufex Nigeria Company Ltd, and Surest Foam Ltd.

He stated that in 2022, over 15 known brands left Nigeria, including Universal Rubber Company Ltd, Mother’s Pride Ventures Ltd, Errand Products Nigeria Ltd, and Gorgeous Metal Makers Ltd.

More than 10 major companies left in 2023, notably Unilever Nigeria PLC, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, ShopRite Nigeria, Sanofi-Aventis Nigeria Ltd, Equinox Nigeria, and Bolt Food & Jumia Food Nigeria.

In the first six months of this year, five listed major companies had left Nigeria, including Microsoft Nigeria, Total Energies Nigeria (affected by its divestment), PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, and Diageo PLC.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

1 day ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

3 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

3 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.