According to the list compiled by global financial
intelligence media, Financial Times, in collaboration with consumer market and
data specialists, Statista, FoodCo is Africa’s second fastest growing retail
company. FoodCo is alsothe only company operating within Nigeria’s organized
retail sector mentioned on the list.
In his reaction, Ade Sun-Basorun, Chief Executive Officer of
FoodCo, described the recognition as a win for the company’s staff, key
stakeholders and Nigeria’s growing modern retail sector.
He said: “We are both excited and honoured at this
recognition from the Financial Times. As a proudly Nigerian brand with a rich
heritage stretching back 40 years, we are elated to have been able to build a
sustainable business through the support and loyalty of our stakeholders
including our staff, customers, investors and host communities. We are truly
grateful for their support over the years.”
“Beyond building a sustainable business, we have also been
passionate about contributing our quota towards growing the modern retail
sector in Nigeria to make it fit for purpose and adaptable to the needs of
today’s increasingly sophisticated consumer. Accordingly, this recognition is a
timely reminder that even though modern retail is sub scale in Nigeria, it
still has a key role to play in the evolving matrix of the continent’s consumer
goods and retail ecosystem.”
Established in 1982 as a fresh fruits and vegetables store,
FoodCo has evolved over the years into a diversified consumer goods company
with interests in retail, quick service restaurants, manufacturing and
entertainment. The company currently operates the largest supermarket chain
brand in South-West Nigeria outside Lagos with 15 outlets spread across Oyo,
Lagos and Ogun States.
FoodCo was adjudged the Retailer of the Year for two
consecutive years at the BusinessDay Nigerian Business Leadership Awards (2020
and 2021). It also won the award for 2020 Retailer of the Year at the Marketing
Edge Brands And Advertising Excellence Awards. The company ranks among the Top
5 supermarket chain brands in Nigeria.
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