More facts are emerging that show the shape of the business transformation going on at Shoprite Nigeria.
One of such fresh facts is that the Nigerian property group Persianas Limited will be taking over Shoprite’s local business in Nigeria, Reuters reported on Wednesday, citing three banking sources.
Persianas Nigeria Limited, a property development company, owned by Tayo Amusan, is said to be the preferred bidder for the Shoprite stake.
Regulatory approval for Persianas Group Ltd. to buy the Shoprite unit is expected by the end of April, said the source, asking not to be identified because the information is not yet public. While the asset has been valued by the seller at N30 billion ($73 million), it’s not yet clear how much Persianas has agreed to pay.
Persianas was incorporated in 1990, to develop luxury residential, retail, entertainment and hospitality centres as well as commercial developments in Nigeria. It is already engaged as one of the principal Nigerian partners and associates of the South African-originating retail business outfit.
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An early entrant into the burgeoning Nigerian retail scene, Tayo Amusan used his 25-year property experience to build The Palms, a 45,000 square metre property. Situated on Lagos’ Lekki Peninsula, the mall complex has 69 retail stores, among other facilities.
The Business Administration graduate of the University of Atlanta also floated three additional malls in Enugu, Kwara, Ota and Ibadan.
Tayo Amusan sits on the board of several Nigerian companies, including African Paints Nigeria Limited, Garages Limited and Southern Petroleum Limited. He is also the chairman of Resourcery Limited.
While Tayo Amusan busies himself with the property component of the business, the company’s retail arm is said to be principally run by his wife Ayo Amusan.
According to Business of Fashion magazines, it was Ayo Amusan who led Persianas’ negotiations to secure the Hugo Boss, Puma and Lacoste franchises.
Ayo Amusan holds a Master of Science (M.Sc) in Risk Management from Cass Business School, City University, London, the city in which she began her career working in strategy and budgeting.
