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Home Frontpage

Shoprite, MTN, Multichoice resume business

by Businessam Staff
July 29, 2025
in Frontpage

Business activities have resumed at various firms owned by South African nationals in Lagos. Checks revealed that the businesses located in Lekki, Surulere, Mushin, Agege, Ogba, Ikeja, among others, had resumed operations.

At the Shoprite centre in Lekki, business went on as it did before the reprisal attacks following the xenophobic attacks on African residents in South Africa. Nigerians were among those targeted.

Some Multichoice offices at Agege were, however, not open for business.

PEP at Ogba is back with customers engaging in shopping.

At Bode Thomas in Surulere, the DSTV was also open for business; a staff also confirmed they resumeed work nationwide on Sunday.

He said some branches reopened on Saturday, but stressed that by Sunday morning all branches had reopened.
Although the office was looking well set and activities going on smoothly, the workers told our reporter that hoodlums last week went away with some television sets and damaged some valuables.

“Those hoodlums entered, scattered the whole place, damaged our air conditioner outside, forcefully removed one of the television on the slab and smashed it on the floor. We all ran for our lives. The police later came and chased them away.

“We are back now, activities have commenced, you are safe here,” he said.

Our reporter observed that the PEP shop and the two MTN offices on Bode Thomas Road were not open. The hoodlums looted the place and damaged things in the shops.

At Shoprite in Surulere, activities have reopened, but our reporter observed that some shops were still locked.

A guard said activities resumed yesterday.

He said only three shops were affected inlast week crisis.

“Those boys destroyed a shop thatsells clothes and the woman that owns the shop just loaded her shop with new clothingbefore the incident.

The other shops sell different brands of phones, while thethird deals in different electronics,” he said.

He said those people that did not open their shops were either still scared

Businessam Staff
Businessam Staff
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Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

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