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AfricInvest invests in retail business in Nigeria

Pan-African asset management firm AfricInvest has acquired a minority stake in Nigerian retailer Justrite.

This is stated in a statement dated January 25, 2022, which is available to our correspondent.

AfricInvest’s partnership with Justrite will help build affordable local grocery stores, support local agricultural value chains and create new jobs while increasing the availability of safe, quality food.

“With 30 years of proven experience, the AfricInvest team aims to accelerate the company’s growth through the introduction of better management tools and the digitization of the company’s processes and services.

Through its cross-industry investment platform, AfricInvest will create synergies between other portfolio companies and Justrite to increase outreach and provide access to its technical expertise.”

Regarding this collaboration, Dr. Ayo Aderinwale, Co-Founder and Chairman of Justrite: “As Justrite enters a new phase of growth, Tosin, Boye and I are excited to partner with Africinvest to help integrate into the local market and explore markets outside of Nigeria. .

“We look forward to using our extensive experience in Africa to expand our business. Welcome to our new partners!”
Abiola Ojo-Osagie, Senior Partner and Managing Director of AfricInvest West Africa, said:

“Justrite is a clear market leader with clear growth potential and we are very proud to partner with such a knowledgeable and dynamic sponsor.”

Management has a strong desire to expand its presence in Nigeria and beyond in a sustainable manner.

“AfricInvest will help restructure the company and improve operational performance. We are excited to be a part of Justrite’s growth journey.”

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