News
Shoprite Announces Intention To Close Abuja Branch
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.
The Chairman of Bariga Local Government Area of Lagos State, Kolade Alabi, on Wednesday, suddenly slumped at the All Progressives Congress stakeholders’ meeting held at the party’s Secretariat in Ikeja, the state capital.
According to The PUNCH, Alabi, who is the state chairman of the Association of Local Government of Nigeria, was addressing party members when the sad incident occured.
Fortunately, he was immediately revived and rushed away to the hospital in an ambulance for further treatment.
Details shortly…
The Federal High Court in Abuja on Wednesday, admitted a video recording allegedly showing the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu issuing inflammatory directives which the prosecution claims incited acts of terrorism across the South – East region of the country.
The Wednesday proceedings resumed with the continuation of the testimony of the second Prosecution witness, an operative of Department of State Services (DSS) codenamed PWBBB.
In the video played in open court, Kanu was seen addressing his followers in what he called, “the blessed land of Biafra”, wherein he announced the formation of the Eastern Security Network (ESN), urging followers to defend their land against what he referred to as “Fulani domination.”
He warned political leaders in the region against compromises and issued a directive forbidding the presence of fulani herdsmen, saying, “No Fulani parading as herdsman shall be allowed in our land. If you are an agent of the Fulani, turn your way this evening.”
The device was admitted as evidence alongside a certificate of compliance, despite objections from the defence.
They were marked as Exhibits PWA and PW1, respectively.
The court also admitted a letter dated June 17, 2021, authored by the former Attorney General of the Federation, Abubakar Malami, SAN, which accused Kanu of terrorism, murder, and incitement to violence.
The letter, addressed to the DSS, was tendered without objection and marked as Exhibit PWF.
Reading from the document, the witness, who was led in evidence by the prosecuting counsel, Chief Adegboyega Awomolo, SAN alleged that Kanu’s broadcasts were followed by coordinated attacks on police stations and correctional facilities, resulting in loss of lives and property.
He quoted the petition as saying Kanu had instructed that security operatives be “brought down” and their weapons seized.
Securities and Exchange Commission (SEC) has alerted the public on the activities of Property World Africa Network (PWAN), which holds itself out as a real estate investment company and solicits funds from the public for investment purposes through PWAN MAX.
In a statement on Tuesday, the SEC said PWAN/PWAN MAX are not registered either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.
The SEC said investigations revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.
“Accordingly, the public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities, does so at his/her own risk.
“The commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” the SEC said.
(The Guardian)
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