FoodCo Nigeria Limited, a Top 5 retailer twice listed in the Financial Times list of Africa’s Fastest Growing Companies, has won the award for Retailer of the Year at the 2024 edition of the Nigerian Business Leadership Awards (NBLA).
The 2024 Awards, the fifth in the series, makes it the fourth time FoodCo would be walking away with the Retailer of the Year prize.
Speaking on the award, Frank Aigbogun, Publisher of BusinessDay title publications and organizers of the NBLA, stated that FoodCo’s recognition as Retailer of the Year for the fourth time is a testament to the company’s significant contributions to the Nigerian retail economy.
While commending the company for shaping the modern retail sector through homegrown innovation, transformative strategies and thought leadership, he called on FoodCo executives to continue to uphold the company’s differentiating edge of delivering exceptional service to stakeholders across the board.
Speaking at the event, Funmi Aiyepeku, Chief Commercial Officer, FoodCo who was represented by Ayotunde Osintunga, Head of Supply Chain, expressed appreciation to BusinessDay for the recognition.
S said: “We are deeply honored to receive the Retailer of the Year award for a record four times. In over four decades of operations, FoodCo has prioritized delivering quality while fostering an atmosphere of innovation and sustainability as the core drivers of our business. This award underscores our relentless commitment to providing exceptional retail experiences that continually cater to the evolving needs of the Nigerian consumer. In addition, it is a celebration of the hard work and dedication of our team towards delivering excellence time and time again, as well as proof of the unwavering trust and support of our customers.”
“This recognition inspires us to continue innovating and contributing to the growth of the Nigerian retail industry. We also reiterate our commitment to driving value and sustainability in business while creating meaningful impact in the communities we serve,” she added.
NBLA winners are selected based on a weighted average of key criteria, including innovation, service delivery, product quality and financial results. In cases where data is not publicly available, a discretionary valuation of assets and market share is applied to determine fair weights, ensuring a thorough and fair evaluation process.
Established in 1982 as a fresh fruit and vegetable store, FoodCo is a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing and entertainment. With 22 outlets spread across Oyo, Lagos and Ogun States, the company operates the largest supermarket chain brand in the Southwest, outside Lagos.
FoodCo was listed in the Financial Times annual Africa’s Fastest Growing Companies ranking for the consecutive years 2021 and 2022.
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