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ZINOX GROUP ACQUIRES KONGA IN BOLD RETURN TO E-COMMERCE

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ZINOX GROUP

After months of strategic negotiations with foreign investors Naspers and AB Kinnevik, the Zinox Group, Nigeria’s foremost integrated ICT solutions conglomerate and Original Equipment Manufacturer (OEM), is now the majority shareholder in e-commerce giant, Konga – an unprecedented move that is widely expected to raise the profile of e-commerce in the country.

Naspers is a South Africa-based multinational internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.

The development signifies a remarkable return to e-commerce for the Zinox Group after it pioneered e-commerce in Nigeria with the launch of BuyRight Africa.com which struggled to cope with the absence of credit card and e-payment infrastructure over 12 years ago.

The acquisition is also understood to have passed all regulatory approvals by the Securities and Exchange Commission (SEC).

Details of the mega deal indicate that the Zinox Group, arguably Africa’s most integrated technology group will assume ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers and rated as one of the best mobile money channels in the country as well as KOS-Express, a digitally-driven and world class logistics company with advanced delivery capabilities for Konga and other structured companies nationwide.

The landmark acquisition is seen by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.

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In 2017, retail e-commerce sales worldwide amounted to 2.829 trillion US dollars while e-retail revenues are projected to grow to 4.48 trillion US dollars in 2021.

Coming at a time when global e-commerce spending is expected to top previously unheralded levels, the acquisition is widely expected to reposition Konga for a greater share of the e-commerce purse in Nigeria and beyond.

The acquisition is also expected to create employment opportunities for over 5000 Nigerians, both at home and in the Diaspora.

Gideon Ayogu, Head of Corporate Communications at Zinox Group, who confirmed the development, disclosed that the organization is keen to take e-commerce in Nigeria to hitherto-unprecedented heights.

“We have always had an interest in Konga and another big one you know very well but our priority was Konga first because of her integrated nature of four quality companies in one,” he disclosed. “Konga is a world-class, professionally-run company whose landmark strides in the sector has gone a long way in ushering millions of Nigerians into the ease and convenience of online shopping and boosting the conduct of e-commerce in the country. Konga’s integrity is their pride.

“Today, many Nigerians can attribute their first experience of e-commerce to Konga.com and we are excited to be a part of this remarkable story. Many shoppers can also attest to the speed and efficiency in delivery that characterizes Kos-Express, the company’s logistics arm, which is arguably the best in the sector at the moment.

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“Our ambition is to up the tempo by revolutionizing e-commerce on the African continent, with Konga at the fore-front of this initiative. In addition to positioning the business on a path of profitability in the short term, our long term plans are focused around seeing Konga well established in other African capitals. Furthermore, we will be unveiling a lot of new initiatives soon and we advise shoppers and merchants alike to look out for these innovations which will radically reshape the average customer experience of e-commerce in Nigeria and on the continent and put more money in their pockets,” he noted.

Led by serial digital entrepreneur, Leo Stan Ekeh, the Zinox Group has grown from a position of strength to become one of the biggest names on the African technology scene. With its headquarters in Lagos, Nigeria and branches all over the country in addition to hubs in Africa, Asia, Europe and the Middle East; the Zinox Group boasts a 360-degree spectrum orientation as an integrated ICT solutions group with advanced competencies in manufacturing, special ICT projects, integrated solutions, e-commerce, retail and after-sales support, among others.

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Heritage Bank boosts economic growth, empowers young entrepreneurs

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L-R: Dike Dimiri - Executive Director, Lagos & South West Region, Heritage Bank; Boladele Dipo-Thomas, Permanent Secretary, Ministry of Wealth Creation and Employment, Lagos State; Mide Akinlaja, Executive Producer, Next Titan and Afolashade Alonge, Divisional Head, Corporate and Specialized Banking, during the selection of 16 contenders for the Season-6 of the entrepreneurial reality TV show lead sponsored by Heritage Bank Plc in Lagos, recently

As part of drive to contribute to the growth of economic drive, Heritage Bank Plc has continued to support The Next Titan Season-six; in ensuring that the entrepreneurial targets of the Nigerian youths are attained.

The Next Titan entrepreneurial reality TV show sponsored annually by the Heritage Bank Plc has unveiled the top 16 contenders for the season-6 of the competition.

The 16 lucky candidates were selected from among 50 contestants who made it to the Bootcamp after the auditions that saw thousands of Nigerian young entrepreneurs jostle for selection at the audition centres in Lagos, Port Harcourt, Enugu and Abuja.

The contest is out for the N7 million cash prize staked for grab by the chief sponsor, Heritage Bank, and a brand new Ford car donated by Coscharis Ford Motors.

The cash prize has been increased to N7million from N5million in the last five seasons.

Having emerged top 16 contenders, the entrepreneurs will proceed to the Next Titan House where they will be involved in a-10 week entrepreneurial and social service tasks including trainings and mentorship under the guidance and supervision of astute business leaders who serve as judges.

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Speaking at the Premiere Night in Lagos on Sunday, where the top 16 were unveiled, the Regional Executive, Lagos and South West, Heritage Bank, Dimiri Dike, said the programme was one of the ways the bank drives social and economic change as a responsible corporate citizen.

Dike said: “On the economic level, you know that entrepreneurship drives employment, it drives social change, so we are really doing it for both social and economic change. And also, time it was in the past when a lot of people entered entrepreneurship without proper training. This platform, the Next Titan, offers you a very good beginning.

“Some of the advantages and benefits that entrepreneurs in the past never had are what these ones are enjoying. So this is an opportunity for them to be schooled and at least stand the fighting chance from the perspective of knowledge and experience of those that had gone before them to succeed”.

Advising the top 16 contenders, Dike said: “First, be yourself, you have to be humble. The fact that you made it to the top 16 doesn’t mean you are better than those who didn’t get here.  It could have been just one thing or another.  So, if you now go and be thinking that you have now arrived, that lack of humility could be your undoing.

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“And more importantly, enjoy the experience because even after you have won; it is the memories of your journey to victory that will keep you going, long after you have become a successful entrepreneur”.

Giving insights into some changes in the programme, the Executive Producer, Next Titan, Mide-Kunle Akinlaja, said: “One, the prize has changed from N5million to N7million. Then two,  we are improving in all areas, content-wise, trying to make the show more entertaining and at the same time not allowing the entertainment to water down the essence of the show, which is entrepreneurship. So, generally, we keep improving”.

The winner of the show will be announced in December at the Grand Finale in Lagos.

 

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Sagamites Club Announce Business Support Initiative  

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A private socio-economic club in Ogun-state, known as The Sagamites Club, has announced the launch of its annual leadership conference and business support initiative for local businesses in and around, Sagamu, Remo, Ogun state.

This prestigious club made up of business executives from across various sectors of the economy have taken it upon themselves to enrich their community and commercially empower its citizens.

 

At the press conference announcing this initiative yesterday were Seni Adetu, President of the Club, supported by Col. Duro Oyebanjo (rtd), Engineer Funbi Dawodu, Mr. Dimeji Oresanya and Prince Timothy Oke-owo, among other members. Speaking at the occasion, Mr. Adetu mentioned that the main empowerment conference will hold on Sunday 27th October and will involve mentorship sessions for youth in the environment. Notable among business leaders in the private and public sectors that have been invited to share their career experiences at the event are Prof. Toyin Ogundipe, Vice Chancellor University of Lagos, Mr. Tokunbo Talabi, Secretary to the government of Ogun State, Mr. Segun Ogunsanya Managing Director/CEO, Airtel Nigeria Plc and Mr. Fatai Folarin CEO Deloitte Nigeria & West Africa.

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Furthermore, Mr. Adetu disclosed that on the 27th October, the club would announce the award of its business support funds to 10 most qualified would-be-entrepreneurs, who will be selected based on merit and business proposition.

Mr. Adetu said “it is a privilege to support the less-privileged; we are inspired by the fact that we are positioned to be of help in changing the narrative of our community youth, from the lamentation of unemployment and perceived laziness, 419ners and drugs-consuming youth, to that of powerfully and gainfully employed young adults”.

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It will be recalled that the Sagamites club was founded in 1972 and has since then been a major force for good in the Remo community and indeed Ogun State.

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Nigerians To Suffer Connectivity Challenges As Airtel Set To Disconnect Glomobile From Networks

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Mike

Glomobile subscribers will not be able to connect with their Airtel counterpart after a 10-day ultimatum.

This is according to information by the Airtel Networks Limited (Airtel).

However, during the period they will be able to recieve calls from the network.

Airtel took this decision having been granted permission for a partial disconnection of Glomobile by the Nigerian Communications Commission (NCC), as a result of non-settlement of interconnect charges.

According to reliable information avilable to www.theoctopusnews.com, Glomobile was notified of the intending plan to disconnect without any positive action.

A telecom industry sources who spoke with us on condition of annonimity said Glomobile appear not to care about its connectivity with Airtel Networks Limited and Airtel subscribers, as they have not done anything positive about the situation.

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“They were notified of the application by Airtel and were given the opportunity to comment and state their case. The commission having examined the application and circumstances surrounding the indebtedness determined that the affected operator does not have sufficient reason for non-payment of interconnect charges,” the source said.

A notice by Airtel to Glomobile subscribers read:

All subscribers are therefore requested to TAKE NOTICE that:

  1. The Commission has approved the Partial Disconnection of Glomobile by Airtel in accordance with Section 100 of the Nigerian Communications Act 2003 and the Guidelines on Procedure for Granting Approval to Disconnect Telecommunications Operators.
  2. At the expiration of 10 days from the date of this notice, subscribers on the network of Glomobile will no longer be able to make calls to Airtel, but will be able to RECEIVE CALLS.
  3. The Partial Disconnection however, will allow in-bound calls to the Glomobile network.
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“Please note that this disconnection will subsist until otherwise determined by the Commission,” the notice read.

Connectivity

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