Economy
Grocery Retailer Pick n Pay to Exit Nigeria, Plans New Stores Elsewhere
By Dipo Olowookere
Another South African supermarket, Pick n Pay, is planning to leave the Nigerian market about five years after it made an entry into the space.
Less than half a decade ago, Pick n Pay, which currently operates two stores in Nigeria, explored the country’s market through a partnership with AG Leventis.
However, the company is seeking a way out by offloading its 51 per cent stake in the venture as part of the Pick n Pay Group’s turnaround strategy aimed to achieve “improvement in the performance” of its supermarkets and return the organisation “to profitability within a three-year timeframe.”
The chief executive of the firm, Mr Sean Summers, in a statement to announce the interim results of the company on Monday, said the strategy put in place by the management was “gaining traction with encouraging progress made across a number of key strategic and operational initiatives.”
A part of this is the Pick n Pay store reset process designed to address its loss-making stores, which disproportionately affected performance in the first half of this year, resulting in the closure of 14 underperforming outlets.
Recall that in 2021, 16 years after it opened its first outlet in Nigeria, Shoprite sold its Nigerian operations to a company owned by a group of local investors led by property firm, Ketron.
“Our focus this year has been strengthening our balance sheet, as well as implementing the turnaround plan. Once our capital is in place, we can also start investing in refurbishing Pick n Pay stores and opening new ones.
“Exactly a year ago, when I re-joined Picked Pick n Pay, I forecast that this would be a multi-year journey and that it would get worse before getting better. Our earnings for the first half reflect this, and I am confident that the worst is behind us now.
“I’d like to pay tribute to the entire Pick n Pay team, who has done a magnificent job with huge energy and focus against all odds.
“On Wednesday, we will also announce a strategic partnership that will be a game changer for our business and customers alike, showing further confidence and traction in our journey to restoring Pick n Pay to its rightful place,” Mr Summers said in the statement obtained by Business Post from the company’s website.
In the first six months of FY25 ended on August 25, 2024, Pick n Pay increased its sales growth by 3.1 per cent compared with the negative 0.5 per cent achieved in the second half of FY24.
In the period under review, the company improved its turnover by 3.7 per cent to R56.1 billion, with like-for-like sales growth of 2.9 per cent, with performance varying across divisions.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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