In 1982, when FoodCo Nigeria opened its doors as a small fresh fruits and vegetables store in Bodija, Ibadan, Oyo State, little did anyone know that four decades later, it would feature among an elite group of the continent’s high-growth companies — not once, but three times within the space of four years.
Yes, FoodCo has made the Financial Times’ annual ranking of Africa’s Fastest Growing Companies for the years 2022, 2023, and 2025.
In the just-released 2025 edition, FoodCo ranked 2nd in the retail category and 66th overall, out of a total of 130 companies listed.
Financial Times disclosed that the finalists were ordered based on the highest Compound Annual Growth in Revenues (CAGR) between 2020 and 2023.
FoodCo’s success is neither borne of luck nor coincidence. Rather, it is the result of over 40 years of strategic vision, customer-first thinking, an understanding of the Nigerian consumer landscape, and divine favour. It is also a story deeply intertwined with the evolution of modern retail in the country.
At the time FoodCo entered the market, modern retail was still in the infancy stage in Nigeria, with popular foreign-owned department stores such as Cash N’ Carry, Kingsway, and Leventis Stores dominating the scene. It was also a time of economic boom, following the oil-fueled prosperity of the 1970s. Going into the late 80s, global oil prices had fallen, and coupled with structural weaknesses that were overlooked during the boom days, economic vulnerabilities set in. Many top retailers closed shop, and foreign operators completely abandoned the market.
FoodCo would brave the odds and continue to build. By the turn of the 90s, the company had established itself as an ambitious player with four stores in its home city of Ibadan and an extension into Osun State. However, internal issues as well as deepening instabilities in the national economy forced the business to shut all but one store in the mid-2000s.
Speaking about the period, Ade Sun-Basorun, current MD/CEO of the company, recounts: “We had just entered a period of expansion when the economic headwinds hit. Being one of a few wholly indigenous-owned companies at the time, we chose to stay true to our commitments to our customers and downsized instead. From five shops, we went down to one. Thankfully, under the strong leadership of the founder and then managing director, Mrs. Sola Sun-Basorun – my mother – the company bounced back and had grown to 13 outlets by the time I took over in 2020.” Today, FoodCo is one of a handful of operators from the era still in business.
Since assuming office, Sun-Basorun has been spearheading a revolution in the Nigerian modern retail sector driven by indigenous operators. Under him, the business now boasts 22 stores spread across Ibadan, Lagos, and Abeokuta. The business interests have also grown to include manufacturing and entertainment in addition to the legacy supermarket and restaurant chains. Direct employment is over 1200, and FoodCo continues to impact its communities via CSR interventions and partnerships, especially within the MSME segment. Today, close to 1000 small and medium-sized companies, including smallholder farmers, benefit from access to market opportunities through FoodCo.
Reacting to the 2025 Africa’s Fastest Growing Companies ranking, Sun-Basorun says: “We are deeply honoured to be recognized for the third time on the Financial Times Africa’s Fastest Growing Companies list. This long-running achievement is a testament to the dedication and hard work of the entire FoodCo team, whose commitment has been central to our continued growth. We are also immensely grateful to our loyal customers for their faith in the business, which has been a key driver of our success.
“Since its inception, FoodCo has been driven by the ambition to deliver an enhanced modern retail experience to Nigerians. We are not only building a profitable business but one that is resilient, locally rooted, and globally aspirational. Our culture is founded on innovation and an unwavering commitment to customer service excellence. So, from tech-enhanced operations to strategic partnerships and reward programs, we have embraced a forward-thinking approach while staying true to our origins. As we build on our achievements, we remain focused on delivering greater value to our stakeholders and advancing the growth of modern retail in Nigeria.”
Though the Nigerian Consumer Goods sector is still largely traditional, driven by open markets, kiosks, and petty traders, industry analysts believe that there are ample reasons for optimism. Despite the current economic challenges, last year Euromonitor’s survey showed that supermarket sales increased by 24.4 percent in the previous year, while Oxford Business Group predicts that modern retail will be a primary beneficiary of the projected N96 trillion spend in household consumption this year.
For Nigerian retail, FoodCo is no longer just a place to shop, eat, and play, but proof that wholly homegrown companies can scale with structure, serve with heart, and grow with purpose. And, if the last 40 years are any indication, the next decade may see the company not only topping African rankings but becoming a global case study in retail success.
