declined a $300 million valuation offer from a group of global investors last year. The company’s co-CEO, Nnamdi Ekeh, explained during an interview on Channels TV’s Kaleidoscope program that Konga is satisfied with its current investors, who have guaranteed sufficient funding to support the company for at least the next five years. Since being acquired by Zinox Group and merging with Yudala two years ago, Konga has invested over $120 million in Nigeria alone and is now strategically positioned to expand into other African countries.
Ekeh emphasized that Konga sees itself as more than just an e-commerce company, positioning itself as a technology company capable of deploying innovative solutions. He mentioned that despite initial monthly losses of N400 million, the company has reduced this figure to around N100 million through improved systems and structures.
Konga currently provides direct and indirect employment to over 150,000 Nigerians, including merchants and logistics providers, and aims to increase this number to 250,000 by the end of 2020. The company is also exploring expansion into other African markets to tap into the continent’s largely untapped e-commerce potential. Additionally, Konga has received inquiries about potential listings on the New York Stock Exchange, London Stock Exchange, and Nigerian Stock Exchange as part of its plans to become a multi-billion-dollar business.
Ekeh highlighted that Konga’s strategies are influenced by 21st-century practices while also considering the specific challenges within Nigeria. This approach has guided the company in rebuilding technologies and setting up secure and efficient warehousing and delivery systems.
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