Brands/Products
AfricInvest Acquires Minority Stake in Justrite Superstore
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.
By: Philip Odiakose
Public relations (PR) is a crucial component of any organization’s communication strategy. It involves the management of communication between an organization and its stakeholders, including customers, employees, investors, and the media.
PR plays a significant role in shaping an organization’s reputation and can have a direct impact on its success. This is why it is essential for CEOs to understand the value of PR and to incorporate it into their media performance audit.
A media performance audit is a process that assesses an organization’s media coverage and evaluates its impact on the organization’s reputation, brand image, and business performance. The audit involves analyzing media coverage, identifying key messages, measuring the reach and impact of media coverage, and developing recommendations for improving media performance.
The value of PR in a media performance audit lies in its ability to shape the narrative of an organization’s media coverage. By leveraging PR strategies, CEOs can ensure that their organization’s key messages are being communicated effectively to the media and other stakeholders. This can help to enhance the organization’s reputation and brand image, ultimately leading to improved business performance.
One way that PR can be leveraged in a media performance audit is through the development of a media relations strategy. This involves identifying key media outlets and journalists, developing relationships with them, and pitching stories that align with the organization’s key messages. By doing so, CEOs can ensure that their organization is receiving positive coverage in the media, which can help to enhance its reputation and brand image.
Another way that PR can be leveraged in a media performance audit is through the development of a crisis communications plan. A crisis can have a significant impact on an organization’s reputation and business performance. By having a plan in place for how to respond to a crisis, CEOs can minimize the negative impact on their organization’s reputation and brand image. This can include strategies such as issuing statements, conducting media interviews, and engaging with stakeholders to address concerns.
In addition to these strategies, CEOs can also leverage media monitoring and intelligence consultants to track them and their organization’s media coverage and reputation by monitoring CEOs media coverage, which can identify trends, opportunities, and potential threats to their organization’s reputation. Media Intelligence consultants can provide insights into how stakeholders perceive the organization and can help to identify areas where improvements can be made.
In conclusion, the value of PR in a CEO media performance audit cannot be overstated. By leveraging PR strategies and tools, CEOs can ensure that their organization’s key messages are being effectively communicated to the media and other stakeholders. This can help to enhance the organization’s reputation and brand image, ultimately leading to improved business performance.
CEOs should work closely with their PR teams to develop a comprehensive media relations strategy, crisis communications plan, and monitoring and listening program that can help to optimize their organization’s media performance.
Philip Odiakose is the Chief Insights Consultant at P+ Measurement Services, a Media Intelligence Consultancy in Lagos state, Nigeria.
By Dipo Olowookere
The Chairman of Justrite Superstore, Mr Ayodele Patrick Aderinwale, has disclosed that the company’s energy costs in 2022 significantly increased by more than 500 per cent.
Speaking on Friday on Arise TV’s Global Business Report hosted by Mr Aruoture Rotus Oddiri, the Justrite chair said this surge in energy costs was triggered by the rise in the price of diesel in the year under review.
At the beginning of the year, a litre of diesel was selling between N200 and N250, but by the end of the first quarter of 2022, it was going for N650 per litre and later jumped to N800 per litre.
This increase was blamed on the invasion of Ukraine by Russia in February 2022. The price has not moderated to the pre-war period, forcing many companies to source cheaper energy.
But Mr Aderinwale said the company was making efforts to cut these energy expenses, especially with the funds raised from the sale of a minority stake in Justrite to Africinvest recently.
“Last year, our energy costs increased by over 500 per cent and don’t forget that energy is part of our major operational costs. You have to have electricity 24 hours because you cannot afford to be in the dark; that is why we have to embrace solar energy,” he said on the programme monitored by Business Post on Friday morning.
Speaking further, he said, “It is interesting that you raised this issue of renewable energy. One of the things we agreed with Africinvest is that from now henceforth, all our new stores to be opened would be powered solely by solar and the existing 17 stores would be integrated with solar energy.”
He expressed optimism that Justrite would gain immensely from the experience of Africinvest because of its rich pedigree on the continent.
According to him, Africinvest “is not just coming with money, it is coming with insight, corporate governance, repositioning of the company and all manners of strategies.”
“Before they made the final investment, they went through the due diligence process, both legal and commercial, to check the gaps and prospects of the company before signing the deal,” the chairman said.
By Modupe Gbadeyanka
A partnership designed to reward customers with free shopping vouchers through a campaign tagged Season of Rewards has been entered into between Konga and Verve International.
The promo kicked off on March 1, 2023, and will see shoppers on the leading composite e-commerce platform in Nigeria receive free vouchers when they shop on Konga.com with their Verve cards.
The partnership underpins the commitment of both brands to add value by providing useful incentives for customers who make payments with their Verve cards.
Consequently, Verve cardholders who shop on www.konga.com are in for great rewards, with free shopping vouchers made available to them within a 24-hour period which they can immediately use on their next shopping on the Konga platform.
The vouchers can also apply to any category of product that catches their fancy, ranging from Mobile Phones, Computing, Electronics, Fashion, Home & Kitchen, Groceries, etc.
“We are delighted to partner with Verve to bring this exciting offer to shoppers on the Konga platform,” disclosed Mr Gideon Ayogu, Group Head, Marketing & Communications, Konga Group.
“We are confident that this would deliver more value to Verve card holders in their shopping experience while also encouraging them to shop more,” Mr Ayogu said.
Also commenting on the development, the Group Head of Growth Marketing Payment Tokens and Financial Inclusion Services at Interswitch, Mr Chidi Oluaoha, said Verve was committed to creating rewarding experiences for Verve cardholders while supporting their lifestyle needs.
“Our customers are at the heart of everything we do, and we are always looking for ways to reward them with invaluable payment experiences. It is for this purpose we are partnering with Konga to bring this exciting offer to Verve cardholders while giving them seamless, swifter and more secure payment solutions,” he said.
Mr Oluaoha urged new and existing Verve cardholders to take advantage of this opportunity to enjoy the benefits of shopping on Konga and earning free shopping vouchers.
Through this Season of Rewards promo, Konga and Verve are confident of giving Verve cardholders more reasons to use their cards for e-commerce transactions and avoiding the ongoing hassles with cash availability. Both companies are also committed to improving financial inclusion and convenience for millions of Nigerians.
Pingback: Justrite’s Energy Costs Surged Over 500% In 2022—Chairman | Business Post Nigeria
Pingback: AfricInvest Acquires Minority Stake in Justrite Superstore – African Budget Bureau