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AfricInvest Acquires Minority Stake in Justrite Superstore

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Justrite Superstore AfricInvest

By Adedapo Adesanya

AfricInvest has announced that it has acquired an undisclosed minority stake in Justrite Superstore, a leading Nigerian family-owned retail department store.

The new collaboration is poised to make Justrite Superstore the king of retail in Nigeria. This, the investor said, will be done through operation optimization, brand visibility, and customer growth, among others.

In a statement, AfricInvest said the partnership with Justrite will contribute to building affordable grocery outlets that source local products, support domestic agriculture value chains, and create new jobs while improving the availability of safe, high-quality foods.

The new investor, with its 30 years of footprint across markets, aims to help accelerate Justrite’s growth by putting in place enhanced governance tools and digitalizing the company’s processes and services.

It plans to leverage its multisector investment platform and create synergies between its other portfolio companies and Justrite to increase its reach and provide access to technical expertise.

Founded over 22 years ago by Dr and Mrs Aderinwale and Mrs Omoboye, Justrite caters to consumers in the Southwestern region of Nigeria with 17 stores across Lagos (Ikeja), Ogun (Abeokuta), and Osun State (Osogbo), with a combined shop floor exceeding c.20,000m² and 57,000 Stock Keeping Units (SKUs).

This transaction builds on AfricInvest’s decade-long relationship with the Justrite team that began with an investment from the firm’s credit vehicle, AfricInvest Private Credit (APC).

It also marks the fifth investment of AF IV, AfricInvest’s flagship fund which invests in African mid-cap companies across diverse sectors to accelerate their regional growth, delivering attractive risk-adjusted returns and supporting inclusive and sustainable development.

Speaking on this, Dr Ayo Aderinwale, co-founder and Chairman of Justrite, said, “As Justrite embarks on a new growth phase, Tosin, Boye, and I are very excited to partner with Africinvest to help both our consolidation in the local market as well as our exploration of other markets outside Nigeria.

“We look forward to benefiting from their immense experience across Africa to galvanize our expansion. We welcome our new partners.”

On her part, Mrs Abiola Ojo-Osagie, Senior Partner and MD, AfricInvest Anglophone West Africa, commented, “Justrite is a clear market leader with well-defined growth potential and we are very proud to be partnering with such knowledgeable and dynamic sponsors.

“The management team has demonstrated a strong willingness to sustainably expand their footprint across Nigeria and beyond. AfricInvest will support them in enhancing their corporate structure and improving operational performance. We are indeed excited to play a role in Justrite’s growth journey.”

“Our mission in AfricInvest is to identify companies like Justrite which possess strong growth potential and support them in their expansion while upscaling governance standards.

“Through this partnership, AfricInvest and Justrite will be increasing access in largely underserved neighbourhoods to everyday essentials while upholding high sanitary standards, contributing to the improvement of Africans’ daily lives,” added Mr Mohammed Sebti, Partner Africinvest.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Court to Decide MultiChoice, FCCPC Price Hike Suit May 8

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By Adedapo Adesanya

Justice James Omotosho of the Federal High Court in Abuja has fixed May 8 for judgment in the suit filed by MultiChoice Nigeria Limited against the Federal Competition and Consumer Protection Commission (FCCPC).

Justice Omotosho fixed the date after lawyers representing the parties adopted and argued their written addresses for and against the case.

The court had earlier restrained the commission from taking “any administrative steps” against the plaintiff following an increase in the service price of two of its brands; DStv and GOtv.

The restraining order was a sequel to a formal request by MultiChoice seeking the court’s protection from planned sanction from the FCCPC, over the increase in the price of DStv and GOtv.

At the proceeding, the court granted the commission’s request for an extension of time to regularise its processes and also allowed the plaintiff to withdraw its application for interlocutory injunction which has been overtaken by event.

Arguing its case, MultiChoice through its lead counsel, Mr Moyosore Onigbanjo submitted that the bone of contention is “whether the defendant have the right to control the price at which the plaintiff offers its services to the public.”

He argued that the Act establishing the FCCPC did not confer on it the powers to regulate price or prevent anyone including the plaintiff from increasing its prices.

Also, the lawyer stated that the issue of whether the defendant can regulate price has been litigated before between the two parties, adding that the tribunal had held that the commission has no powers to regulate prices of goods and services in the country, except the President of the Federal Republic of Nigeria.

The Plaintiff’s lawyer also submitted that even the president who is clothed with the powers to regulate prices has maintained “that his government does not believe in price control” but, that prices are determined by market forces of demands and supplies.

The plaintiff in addition submitted that if the FCCPC has no powers to control price “where does he have the powers to prevent the plaintiff from increasing price.

MultiChoice subsequently accused the Commission of discrimination, stating that all businesses in the country have been increasing their prices in line with economic conditions and inflation without the Commission raising an eyebrow, save with the plaintiff.

He, therefore, urged the court to grant all the reliefs sought in the suit.

While adopting his counter affidavit in opposition to the suit, lead counsel for the defendant, Mr Joe Agbugu, urged the court to first address the cause of action; which is the the issue of increase in the price of DStv and GOtv.

Mr Agbugu disclosed that the Commission on February 25, wrote the plaintiff after it announced price increase effective from March 1, 2025.

According to the senior lawyer, MultiChoice was summoned to appear before the commission on February 27, “they wrote that it was not convenient and proposed March 6. We then said that in the interim they should hold on with the price increment.”

Mr Agbugu further stated that, “there was no issue of price regulation or fixing as at the time the action commenced.”

Besides, he claimed that the statute establishing the FCCPC, gave it “powers to check exorbitant pricing” and also powers to “regulate abuse of dominant position in the market” as it relates to prices and passing of cost to the consumer.

“The plaintiff occupies a dominant position in the television and entertainment,” Mr Agbugu claimed, adding that the case before the court is not of price regulation but the powers of the Commission to investigate prices that are deemed exploitative and abuse of dominant position.

“The Commission is not to tell you to use price A or B but to determine that the price is exploitative” he said, “they ran away to be investigated over their planned action.

“Our action is not about price fixing; the issue is about whether the price is exorbitant…the mandate of the Commission is to protect the consumer.”

Reacting to the claim of discrimination, defendant’s lawyer, submitted that, “abuse of dominant position qualified them to be singled out for exorbitant pricing.”

Mr Agbugu subsequently urged the court to strike out the suit and dismiss it because it attacks the major task of the Commission of protecting consumers.

“The suit should be dismissed and the plaintiff returned to us for investigation,” he added.

Responding, Justice Omotosho announced that, “judgment is reserved to May 8.”

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Knorr Engages Customers Via ‘Share The Good’ Ramadan Campaign

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As the sacred month of Ramadan unfolds, Knorr is embracing the spirit of generosity and spreading kindness with its ‘Share The Good’ Ramadan campaign—an annual initiative designed to bring communities closer through acts of kindness, food, and shared experiences. The brand is creating opportunities for meaningful connections, ensuring that fasting Muslims remain nourished while fostering a culture of giving.

At the heart of this movement is the Knorr Ramadan Good Bus, a travelling symbol of warmth and well-being. This special initiative will bring renowned chefs and beloved Eativists to key cities such as Lagos, Ibadan, Kwara, Abeokuta, and Osogbo. They will visit mosques and community hubs at each stop, sharing wholesome meals during Iftar and offering valuable guidance on balanced nutrition and healthy fasting practices. By making nutritious eating more accessible, Knorr aims to support communities in observing Ramadan in a way that prioritises both spiritual and physical well-being.

Beyond these community engagements, Knorr is also bringing the spirit of togetherness into people’s homes through an immersive digital experience. Throughout Ramadan, the brand will host interactive weekly live cooking sessions on Instagram. In these cooking sessions, participants will receive recipes in advance, allowing them to cook along in real-time as they prepare nourishing Iftar meals. More than just a cooking demonstration, these sessions will highlight the importance of mindful and nutritious eating, helping participants maintain their energy and well-being while fasting.

Recognising that Ramadan is also the time for compassion, generosity, and reflection, Knorr has launched the 30 Days Good Challenge to encourage daily acts of kindness. Every day, the brand will share simple yet meaningful ways for individuals to share good—through acts of service, heartfelt messages, or small gestures of care.

Damilola Dania, Category Manager, Nutrition, Unilever West Africa, speaking on the campaign, highlighted its impact and importance, saying: “At Knorr, we believe food is more than just nourishment. It is a powerful force that brings people together, especially during a time as meaningful as Ramadan. Through the Share The Good campaign, we are strengthening the spirit of togetherness that defines this holy month, creating meaningful opportunities for communities to connect, give back, and celebrate the true essence of Ramadan.”

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Customers Groan as MTN Hikes Data Plans Again

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MTN Subscribers

By Adedapo Adesanya

Nigeria’s leading telecommunications provider, MTN, has once again implemented another price hike on internet plans, marking the second time in the last three months.

Recall that the Nigerian Communications Commission (NCC) approved a 50 per cent tariff increase in January, the first of such since 2013, for telcos in the country.

Checks by Business Post revealed that previous plans are no longer applicable at their rates, with many customers lamenting that the value has doubled yet again.

For instance, the 2.5GB plan which used to be N600, now goes for N900, the 6GB jumped to N2,500 from previously 5GB which cost around N1,500.

Other checks showed that N3,500, which used to be for 15GB, is now for N7GB.

Under the previous pricing, the 1.8GB monthly plan was N1,500, replacing the previous 1.5GB plan that was priced at N1,000. The 20GB plan increased to N7,500 from N5,500, while the 15GB plan rose to N6,500, up from N4,500.

Larger data bundles have saw even steeper increases. The 90-day 1.5TB plan has jumped from N150,000 to N240,000, while the 600GB 90-day plan has risen from N75,000 to N120,000.

It is expected that there will be hikes across these bundles with these fresh hikes.

According to an X user, “MTN don increase their data price again. Na wa o.”

“We’re paying more for data than we’re earning in this country. MTN are hell-bent on business aiming to push the majority of people offline by the second quarter of this year,” another user added.

MTN Nigeria, with 84.61 million subscribers, has the largest share in the Nigerian telco market.

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