Billionaire Businessman, Tayo Amusan’s Earth-shaking Deal
When you think of businessmen who deserve commendations for their shrewdness and brilliance, Tayo Amusan will certainly make the long list with a generous mention. His firm, Persianas, built the first mall of international standards in Nigeria and currently owns several others in Lagos, Ibadan, Kwara, Enugu and Abuja.
His wizardry spanning over 25 years is evident in The Palms, a property situated in the Lekki Peninsula of Lagos.
As if he had plans to own the brand from day one, Amusan made Shoprite the anchor tenant for all his malls across Nigeria. And the relationship has been symbiotic.
When news broke in 2021 that Shoprite Holdings Ltd, the South African owners of the retail chain, was planning to exit Nigeria, Amusan’s Ketron Investment firm naturally moved in to fill the vacuum that might exist.
And after a series of negotiations, the property mogul successfully acquired the 100 per cent stake in Retail Supermarkets Nigeria Limited, the Nigerian subsidiary of South Africa’s retail behemoth.
He not only bought the majority stake in Shoprite Nigeria, but he also retains the management, brand name, trademarks and supply chain with 25 stores nationwide.
Though some naysayers had expressed pessimism about the deal, Amusan, just a year into the deal, has been counting his blessings, as he is planning a new strategic expansion roadmap to drive the Shoprite brand.
As part of the move, his team recently organised its first Suppliers and Partners Forum in Lagos, where over 200 suppliers and partners were engaged to drive the retail giant’s sustainable growth.
This parley is coming on the heels of a N3.5 billion investment the Ogun State-born billionaire recently pumped into his newly acquired assets. The multi-billion naira capital injection is to help drive the growth of underperforming Shoprite outlets across Nigeria to regain its leading spot in the retail business ecosystem.