Persianas, a Nigerian property group, will take over Shoprite's operations in Nigeria at the conclusion of a bidding process.
The FCCPC has downplayed viral media reports of retail giant, Shoprite exiting Nigeria.
Dozens of Shoprite outlets in Nigeria have been shut down as workers commenced an industrial strike action.
Shoprite Nigeria reported a loss after tax of R87 million in the period under review.
This comes as Shoprite also announced it would reduce operations in Nigeria.
Nigeria’s retail market faced a myriad of challenges following the recession in 2016.
The company has been reviewing its long-term options in Africa after currency devaluations.
N25.6 billion price tag is only reflective of what Shoprite Nigeria's operations is worth on paper.
Shoprite's intention to divest from its Nigerian operations appears to be anchored on these factors.
Shoprite announced its plan to sell off its Nigerian operations.