IFC proposes funding for Nigerian supermarket chain
The International Finance Corporation has disclosed a proposed loan of up to $15 million to Justrite.
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The International Finance Corporation has disclosed a proposed loan of up to $15 million equivalent in Nigerian naira to Justrite, a Nigerian supermarket chain.
The financing will support the retailer’s expansion programme, including the opening of 25 additional stores.
Justrite was founded in 2000 by Ayodele Patrick Aderinwale and his wife Oluwatosin Temitayo Aderinwale. In 2022, Africinvest, a pan-African private equity fund, acquired a 40.4% stake in Justrite.
** Read more from How we made it in Africa: Why this private equity firm backed Nigerian retail chain Justrite
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