The Palms Mall Owner, Tayo Amusan, Bounces Back

The year 2020 is definitely looking better and better for Tayo Amusan, the Lagos-based businessman and owner of The Palms, a popular shopping mall in Lagos.

According to business reports, Amusan is set to acquire Africa’s largest food retailer, ShopRite, after the company revealed its intention to sell off the majority of its stakes in the Nigerian market. This development is a favourable outcome for the Palms boss, especially after his recent health conditions.

It was at the beginning of the second half of 2020 that Tayo Amusan reportedly began to recover from health complications arising from being infected with COVID-19. It was a welcome development because Amusan is not as young as he once was.

Nevertheless, he recovered and is reportedly back to full function, and even ready to expand his business base to include ShopRite.

The fact that ShopRite is on the table is a very welcome development for countless Nigerian investors. Although the company is South African in origin, it is still the largest retail establishment operating in the African business environment. However, following the COVID-19 lockdown, the enterprise has reportedly enjoyed significantly lower returns in Nigeria.

This is why the major stakes of Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited, are available for purchase, and Amusan is reportedly in the queue to acquire it.

According to trending reports, Tayo Amusan is using his Persianas Nigeria Limited—a property development company—to make the bid for Retail Supermarkets, against two other serious bidders. The fact that some of his properties house ShopRite stores might also be an advantage.

It is the speculation of many people that Amusan might make more progress with ShopRite than its current management—that is assuming he wins the deal. This would not be the first time Amusan is turning the table to the amazement of others. His Palms Shopping Mall is essentially one of the earliest Nigerian establishments in the shopping-mall industry.

After suffering from COVID-19 infection, the wheels have reversed to help Amusan reap a harvest from the pandemic. This is Tayo Amusan bouncing back to his feet, ready to take on the competition and win the final prize.