Nigeria: Zinox Group, acquires e-market giant, Konga

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Zinox Group, a Nigerian ICT company, has acquired e-market giant, Konga, after months of intense negotiation.

The integrated ICT solutions and equipment manufacturer acquired Konga from the major investors — Naspers and AB Kinnevik.

The e-commerce group includes Konga.com; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers as well as KOS-Express, a digitally-driven logistics company.

Naspers, based in South Africa, is a broad-based multinational Internet and media group, offering services in more than 130 countries.

AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.

The acquisition was announced through a statement by the company.

Zinox Group would expand its operations into e-commerce, an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the absence of credit card and e-payment infrastructure when it was launched over 12 years ago.

According to the group, the acquisition has passed all regulatory approvals by the Securities and Exchange Commission.

The company said the acquisition was expected to create employment opportunities for over 5,000 Nigerians, both at home and in the Diaspora within a short period.

According to the Head of Corporate Communications, Zinox Group, Gideon Ayogu, the decision to invest in Konga is an easy one for the organisation.

Source: This Day