Unless you knew the net worth of Tayo Amusan —Chairman of Persianas Group— and his clout, you would pass him off as an ordinary bloke. For the amiable billionaire, he loves it that quiet way while he allows his shrewdness and brilliance dictate his path. Amusan is known for his huge investment in the commercial real estate sector in Nigeria but gradually moving into the retail business with plans to dominate the industry. An early entrant into the burgeoning Nigerian retail stores scene, Persianas —Amusan’s development company— built the first mall of international standards in Nigeria and currently owns several others spread across Nigeria in Lagos, Ibadan, Kwara, Enugu and Abuja. He used his more than 25-year property sector experience to build The Palms, a 45,000 square meters property situated on Lagos’ Lekki Peninsula. As if he had plans to own the brand from day one, Amusan made Shoprite the anchor tenant for all his malls across Nigeria. The relationship has been symbiotic. So when in 2021 news filtered out 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-percent 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, he also retains the management, brand name, trademarks and supply chain with 25 stores nationwide.
More than a year into the acquisition, Amusan is planning a new strategic expansion road map to drive the Shoprite brand. As part of the move, his team recently organised its first suppliers and partners forum in Lagos, Nigeria’s financial capital where over 200 suppliers and partners were engaged to drive the retail giant’ sustainable growth. This parley was coming on the heels of a N3.5 billion investment the 63-year old Ogun State-born billionaire recently pumped into his newly acquired assets. The multi-billion naira capital injection by the polo buff is to help drive the growth of underperforming Shoprite outlets across Nigeria to regain its leading spot on the retail business ecosystem.