Business

Justrite Supermarket Sets For IFC’s $15m Loan For Expansion

Published

12 months ago

November 16, 2025

545 Views

Justrite, a popular supermarket chain co-founded by the dynamic duo, Ayodele Patrick Aderinwale and his wife, is on the cusp of a significant expansion.

The International Finance Corporation (IFC) is considering a substantial $15 million loan to help Justrite open a whopping 25 new stores across the country.

This exciting development promises a brighter future for both Justrite and the local economy.

The financing would be used to build and equip the new stores, creating jobs for Nigerians.

The expansion also aims to strengthen Justrite’s relationships with local suppliers, boosting their businesses as well.

If the deal goes through, it would be one of the largest development-finance investments in Nigeria’s retail sector in recent times, signaling confidence in the country’s growing market.

Since starting as a small neighborhood store in 2000, Justrite has grown into a familiar homegrown retail brand, serving urban and peri-urban communities that lack modern supermarkets.

The new funding could accelerate its expansion beyond the southwest, enhance logistics, cold-chain systems, and digital inventory tools, and further position Justrite as a scalable national retailer.

AfricInvest, which took a 40.4 percent stake in 2022, has already supported operational and procurement upgrades, preparing the chain for this next growth phase. The proposed IFC loan reflects renewed investor confidence in Nigeria’s consumer market after recent inflation and currency pressures.

Up Next

Dangote Harps on full benefits of domestic refining

Don't Miss

Nigerian govt suspends implementation of 15% petrol import duty

Click to comment

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.