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Business

Shoprite begins process to exit Nigeria as sales plunge

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Shoprite, Africa’s largest food retailer, is planning to exit the Nigerian market after posting continuous decline in sales from its operations.

In a trading update filed at the Johannesburg Stock Exchange (JSE) on Monday morning, the retail giant said it was planning to discontinue its operations in Nigeria.

“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited,” the update read.

ShopRite

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

In Nigeria, sales declined by 6.3 percent in the 2020 fiscal year.

Shoprite launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in west Africa.

Outside South South Africa, Shoprite sales grew by only 0.1 percent in the second half of the year under review.

“In equally, if not more difficult circumstances resulting from COVID-19 lockdown regulations, Supermarkets Non-RSA’s second-half reported an increase in sales of 0.1%,” the company said.

This resulted “in an overall decline in sales of 1.4% for the year but in constant currency increased by 6.6%.”

In the trading update seen by TheCable, the company suffered from the devaluation of the naira against the US dollar.

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Federal Government Says Tenants Would Start Paying 6% Stamp Duty

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The Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements.

The landlords/ property agents are to remit such collections to FIRS so that they do not run foul of the Stamp Duty Act.
The directive was issued through a statement by the Director, Communications and Liaison Department of the agency, Abdullahi Ahmad.

tenants

“Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six percent duty payable in the percentage of the total value or sum of the tenancy or lease,”

He said.

He added that the burden of payment of the six percent lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.

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Lady shows off cash she saved in her piggy bank (Photos)

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Money

A Nigerian lady has taken to Facebook to showoff the plenty cash she has saved so far in 2020 with her Piggy bank.

The lady with the name Rosey Emmanuel on Facebook made the post in group on the social media platform yesterday.

According to her, she realized the huge amount of money after she saved for just half a year.

She said she had to break her piggy bank because it was filled and couldn’t take in more money.

In her words, “My half year savings, had to open because the box no gree collect money again. Proudly Imo girl. We can hustle and save for Africa.

Money

You cam still do it guys, am starting another [savings] today. God bless our hustle”.

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