After months of strategic negotiations with foreign investors, Naspars and AB Kinnevik, the Nigeria’s ICT solutions conglomerate and Original Equipment Manufacturer (OEM), Zinox group is now the majority shareholder in e-commerce giant, Konga.
The development, according to Zinox group, signifies a remarkable return to e-commerce for the Zinox Group after it pioneered e-commerce in Nigeria with the launch of BuyRightAfrica.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 Zinox Group, arguably Africa’s biggest technology group will assume ownership of the e-commerce platform, Konga.com which remains one of the biggest players in the sector; KOS-Express, the world class logistics arm of the business and KongaPay, the company’s integrated mobile money payment channel with over 100,000 subscribers.
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.