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ZINOX GROUP ACQUIRES KONGA IN BOLD RETURN TO E-COMMERCE

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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.
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.
“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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Adeleke swears in new Osun LG chairs, urges good governance

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Osun State Governor, Senator Ademola Adeleke, on Sunday, inaugurated the newly elected local government chairmen and councillors in the Saturday poll.

Adeleke urged them to focus on good governance while warning against any attempt to forcibly occupy council secretariats.

He also expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

Speaking at the swearing-in ceremony in Osogbo, the governor described the occasion as a major milestone in the state’s democratic process, emphasising that the election was conducted in line with due process.

“We are here to conclude a democratic process for which we all laboured so hard to achieve,” Adeleke said.

Before proceeding with his address, the governor called for a minute of silence in honour of those who lost their lives during the “illegal APC takeover of local government secretariats.”

The governor recounted the journey leading to the local government election, stating that the Osun State Independent Electoral Commission had duly followed all legal procedures.

“The state electoral body had issued due notice of election a year ago. I know the commission had complied with all extant rules and procedures which led to the emergence of new local government chairmen and councillors,” he stated.

While acknowledging the legal controversies surrounding the election, Adeleke affirmed that his administration acted within the ambit of the law.

“It is, however, a thing of joy that the facts are out in the public domain, and we are satisfied that we are on the side of the law within the context of the rule of law and the constitution,” he added.

Call for Good Governance….

Addressing the newly sworn-in officials, Adeleke charged them to be “agents of change, community developers, and deliverers of the dividends of democracy.”

“You have the mandate to deliver on good governance in your respective local governments.

“I charge you to develop plans of action within the manifesto of the Peoples Democratic Party (PDP).

“As our government is transforming the state for the better, I call on you to be agents of change,” he said.

The governor also appreciated the people of Osun for their steadfast support, assuring them that his administration would remain committed to their welfare.

“Osun people demonstrated courage and passion to exercise their voting rights, and they did so by massively supporting our party despite all the constraints. We will not fail you. People’s welfare will continue to be our watchword,” he promised.

Adeleke commended OSIEC, security agencies, and state officials for ensuring the success of the election.

Appreciation to Tinubu

In a significant moment, the governor expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

“I should not end this address without acknowledging the contributions of Mr. President, Senator Bola Ahmed Tinubu.

“I am most grateful to Mr. President for rejecting efforts by some forces to plunge Osun into chaos,” Adeleke stated.

He reaffirmed his commitment to upholding the rule of law and the constitution in governance and conflict resolution.

Warning Against Forced Takeover
The governor strongly advised the newly elected chairmen and councillors to avoid confrontation at local government secretariats, citing an ongoing legal process to resolve the leadership crisis.

“I urge you and your councillors to please stay away from the council secretariats to avoid any clash with those whom the police had aided to forcefully occupy the local government secretariats,” Adeleke cautioned.

He referenced an Osun State High Court ruling that had affirmed vacancies in both chairmanship and councillorship positions before the election on February 22, 2025, assuring that his administration would rely on the judiciary to remove those illegally occupying the secretariats.

“Please be patient and always abide by the rule of law,” he advised.

With that, Adeleke formally declared the swearing-in of the elected local government officials.

“It is on this note that I, Senator Ademola Jackson Nurudeen Adeleke, the Executive Governor of Osun State, hereby effect the swearing-in of elected local government chairmen across Osun State. Congratulations and God bless you,” he concluded.

 

 

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Alcohol, tobacco record highest inflation rate

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The National Bureau of Statistics has disclosed that alcoholic beverages, tobacco, and narcotics recorded the highest inflation rate at 14.80 per cent, according to its latest rebased Consumer Price Index for January 2025.

In a graphical illustration presented in its CPI report, the NBS noted that the alcohol and tobacco item division was followed by restaurants and accommodation services, which had an inflation rate of 14.14 per cent, while transport and clothing and footwear recorded 12.77 per cent and 12.73 per cent, respectively.

The report, which rebased Nigeria’s CPI to 2024 as the new base year, revealed that headline inflation stood at 24.48 per cent in January 2025, meaning that the general price level of goods and services rose significantly compared to the same period in 2024.

The report by the NBS read, “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.

“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”

The CPI rebasing was necessary to reflect current economic realities and consumption patterns in Nigeria.

The rebased CPI structure covers 934 product varieties, classified under 13 divisions based on the 2018 Classification of Individual Consumption According to Purpose.

The divisions include food and non-alcoholic beverages, clothing and footwear, transport, housing and utilities, furnishings, health, communication, and education, among others.

The weighting structure was adjusted to account for changes in consumer spending, with food and non-alcoholic beverages maintaining the highest weight at 40 per cent, although it declined from 51.8 per cent in the previous base year of 2009.

According to the report, inflationary pressures varied across different categories, with food and beverages inflation at 10.64 per cent, reflecting the continued rise in staple food prices.

The personal care, social protection, and miscellaneous goods and services division recorded 12.04 per cent inflation, while furnishings, household equipment, and routine household maintenance saw an inflation rate of 11.48 per cent.

The health sector recorded 9.42 per cent inflation, while housing, water, electricity, gas, and other fuels increased by 7.61 per cent.

The education sector and insurance and financial services recorded the lowest inflation rates, standing at 4.88 per cent and 4.65 per cent, respectively. Information and communication, which was newly assigned a higher weight in the rebased CPI, had an inflation rate of 7.54 per cent.

The recreation, sport, and culture category recorded 6.85 per cent, highlighting moderate price increases in these services.

The NBS report highlighted the divergence in inflation trends between urban and rural areas, with urban inflation at 26.09 per cent, while rural inflation stood at 22.15 per cent.

This suggests that price pressures were more severe in urban areas, particularly in sectors such as housing, transportation, and restaurant services, where cost increments were more pronounced.

The rebasing exercise introduced new methodologies to enhance the accuracy of inflation tracking.

Data collection was fully digitised, replacing paper-based surveys with computer-assisted personal interviewing devices, which allowed real-time transmission and verification of price data.

The high inflation rate for alcoholic beverages and tobacco is linked to multiple factors, including excise duties, exchange rate volatility, production costs, and supply chain disruptions.

We further observed that Imo State emerged as the most expensive state to reside in Nigeria following the rebasing of the Consumer Price Index by the NBS.

The development marked a significant shift in Nigeria’s inflation rankings, as Bauchi, which held the top spot for seven consecutive months, was dethroned.

The change comes after the NBS updated its methodology, adjusting the base year from 2009 to 2024, revising the weighting structure, and expanding the consumer basket to better reflect household spending patterns.

Earlier, the Statistician-General of the Federation and Chief Executive of the NBS, Prince Semiu Adeyemi, said, “Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape.

“This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”

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Fire guts MTN booster station in Oyo

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An MTN booster station located on the premises of the University of Ibadan, Oyo State, was gutted by fire on Saturday.

Our Investigations revealed that the fire, which broke out at the booster station within the Faculty of Nursing, was caused by an electrical surge.

One of the witnesses told our correspondent that “the incident occurred in the early hours of Saturday around 4 am.”

Another source said, “The incident affected the Mikano electrical generator, board, and other telecommunications gadgets in the booster station.”

When contacted in Ibadan, the state capital, the Special Adviser on Fire Services Reform to Governor Seyi Makinde and Chairman of the State Fire Services Agency, Moroof Akinwande, confirmed the incident.

He said the booster station belonged to the MTN.

He said, “The state Fire Service’s prompt response doused the fire at the MTN booster station beside the Faculty of Nursing, University of Ibadan.

“The fire incident was reported exactly at 04:00 hrs on Saturday, February 22, 2025.

“The fire personnel, led by ACFS Olubunmi, were promptly deployed to the scene and arrived on time.

“On arrival, we met the Mikano electrical generator and board on fire. We quickly joined hands with the university’s fire marshals, and the fire was extinguished completely. The fire was caused by an electrical surge”, he explained.

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