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A call for Better Compliance to News Media Ethics: The Case of the Rumoured Acquisition of Jumia by Zinox

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By Adeola Olanloko

Last week, Nigeria’s business media was awash with the speculation that Leo-Stan Ekeh, the chairman of Zinox Technologies and owner of the Konga e-commerce platform is on his way to acquiring Jumia Technologies, Africa’s leading e-commerce platform.

According to Nairametrics, an online business journal, Ekeh “has been scooping Jumia shares indirectly suggesting a possible acquisition could be in play if the opportunity arises.”

In the same report, Nairametrics quoted the Head of Corporate Communications for Zinox Group, Gideon Ayogu, who refused to confirm or deny the takeover move, as saying that “nothing positive is impossible.”

In a statement signed by Jumia Nigeria, the company said that they do not comment on speculations, noting that such a bid must comply with the rules and conventions as stipulated by the New York Stock Exchange (NYSE) laws.

“As per US Securities Law, shareholders must disclose any shareholding above a 5% threshold and so far we are yet to see any such disclosure. We are focused on executing on our strategy to scale the business towards profitability.

And as you can see from the Q1.22 results released on Tuesday, we made very good progress on this front. The fundamentals of the business are very strong, we posted the fastest GMV, Order and Revenue growth rates of the past 9 quarters,” the statement read.

How does one acquire a publicly listed company?

Who takes over companies on the pages of the newspaper? A look at how the stock market works shows that there are laid down procedures for the acquisition of a quoted company . A quoted company refers to any company whose shares are listed on a Stock Exchange – local or international. Jumia Technologies is listed on the New York Stock Exchange (NYSE)

One of the ways to achieve such a takeover/acquisition is by Management buyout. It is called a Management buyout in the instance that the Management owns a significant stake in the company such that acquiring the shares owned by Management takes the acquirer close to a controlling stake (50% plus one share of the company).

Typically the acquiring company/individual enters into an agreement with the owners of the company to buy controlling shares of the company at a given price. The Board/Management of the company targeted for acquisition will facilitate the negotiations between the company’s shareholders and the proposed buyer.

This process is what Standard Bank, owners of the Stanbic Bank brand, used to acquire  IBTC in September 2011 and is what is being played out between Elon Musk and Twitter. Jumia’s statement indicates no such discussions were held with Zinox.

Another route is for an entity to scoop up shares from the floor of the exchange where the stocks are listed. These stocks are called over-the-counter (OTC) stocks because you can buy and sell them through most major online brokers. This was the route Heirs Holdings used to acquire a significant stake in Transcorp Plc in April 2011.

At Jumia’s current market capitalization, excluding any premium existing shareholders may demand, we estimate that to scoop up 51% of the company shares will require a minimum investment of over $350 million or N203 billion.

Possibly the price will be higher if an average of the stock price in the past 12 months is used as a benchmark. If such an over the counter transaction in a single stock were to take place on the New York Stock Exchange, market watchers would have noticed the activity in the stock and would not rely on Nairametrics to bring it to their attention. Here the reporter overreached himself.

Typically before launching such an acquisition bid, the acquirer already owns significant shares in the company. Elon Musk for example owned 9.2% of Twitter stock before his acquisition bid and his aggregate stock holding was duly declared as required by the rules of the US Securities and Exchange Commission (SEC)

The SEC law stipulates that anyone who hits an aggregate five percent shareholding threshold must declare it to the Exchange. It is what applies in most international Exchanges, including the Nigerian Stock Exchange.

Failure to comply with this law is considered a violation of Securities law. Going by the statement from Jumia, there has been no such disclosure yet. We doubt that a very savvy investor like the Chairman of Zinox would have acquired shareholding in Jumia Technologies above this 5% threshold without disclosing it, given the implications of non-disclosure.

Is this a case of careless reporting and lack of due diligence?

Media analysts are thus suspecting that given Jumia and Zinox are well known brands in the Nigerian market, the story may have been spun purely for its sensational value to drive clicks without thought on how it might affect stakeholders in the two companies, investing public and other critical stakeholders.

Jumia released its Quarter 2 financials on May 10th to Analysts and the Media. All listed companies are required to release their quarterly results to Analysts and the Media and Jumia publicly announced this date on its website in advance.

The company reported posting the fastest GMV, order and revenue growth rates of the past nine quarters and this is possibly what drove the uptick in the stock price following its Earnings release not the rumour!

Notwithstanding any future activity on Jumia Technologies stock, this particular story appears not to have been well researched and subjected to proper due diligence before it was published and this verges on carelessness and lack of respect for the reading public.

Sensational titles always drive clicks for digital media but spending credibility just for a few more clicks is a bad trade and harms all digital newspapers. It is time for professional media practitioners to encourage compliance with ethics and tighten the rules either through private digital media group initiatives. Otherwise, we will give room to the government to intervene.

Adeola Olanloko, a business analyst writes from Lagos.

 


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NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

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Nigeria Centre for Disease Control and Prevention (NCDC) has raised alarm over ravage of Lassa fever cases across 18 states and 67 Local Government Areas (LGAs) of the country.

NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

Dr Jide Idris, director-general of NCDC, in statement yesterday, said that Bauchi, Ondo, Taraba, Edo and Benue accounted for more than 80 per cent of confirmed cases recorded during the 2026 peak transmission season.

Idris, described as particularly worrisome the growing infections among healthcare workers, with 28 confirmed cases and three deaths reported so far this season.

NCDC attributed the sustained transmission and rising fatalities to operational gaps at the state level, urging urgent action to strengthen outbreak response and control measures.

According to Idris, field investigations showed most transmissions were occurring in known endemic areas, but weak implementation of established response frameworks had contributed to the continued spread and higher case fatality rate.

He said that gaps identified include infections in general outpatient and maternity settings, poor adherence to Infection Prevention and Control (IPC) protocols, and inadequate pre-positioning of Personal Protective Equipment (PPE).

He added that delayed patient presentation due to financial barriers, inconsistent activation of State Incident Management Systems, weak contact tracing, persistent stigma and poor isolation centre standards were also driving transmission.

Idris emphasised that outbreak response implementation and health service delivery fell primarily under state governments within Nigeria’s federal structure, urging them to strengthen accountability and resource allocation.

He called on affected and high-risk states to urgently activate and closely monitor their Incident Management Systems, ensuring timely coordination and efficient outbreak response at all levels of healthcare delivery.

He also urged the immediate release of response funds, strict enforcement of Infection Prevention and Control (IPC) compliance in public and private health facilities, and continuous availability of PPE and other critical supplies.

The NCDC boss also advocated accelerated financial protection mechanisms to reduce late presentation and high fatality rates, alongside institutionalised rodent control and environmental sanitation measures under a One Health approach.

He advised healthcare workers to maintain a high index of suspicion and adhere strictly to IPC guidelines.

He also urged the public to keep environments clean, prevent rodent entry into homes, store food safely and seek early medical care when symptoms appeared.

Idris noted that Lassa fever was treatable, with improved outcomes when detected early, adding that Nigeria was also responding to other epidemic-prone diseases including Cerebrospinal Meningitis, Diphtheria, Mpox and Cholera.

He reiterated NCDC’s toll-free emergency line, 6232, for reporting suspected cases and obtaining further information


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Lagos Deploys Drones, AI to Boost Traffic Response

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The Lagos State Traffic Management Authority (LASTMA) has deployed a number of real-time digital solutions, including surveillance drones, GPS-enabled patrol vehicles, and automatic incident detection software.

The agency has also established a central command and control centre to reduce emergency response times and improve traffic safety throughout Lagos.

According to the agency, the digital transition will replace manual reporting and fragmented coordination with an integrated, data-driven platform capable of instantaneously detecting, verifying, and dispatching responders to crashes and breakdowns.

According to general manager Olalekan Bakare-Oki, LASTMA, body cameras, mobile data terminals, and toll-free hotlines now feed into a unified operations hub that gives real-time visibility of traffic situations across the state.

Incidents detected by digital surveillance are validated in real time and dispatched to the nearest patrol team using GPS tracking, while officers are instructed via modern communication devices.

According to the agency, the system has eliminated delays caused by poor event reporting and logistical constraints, enabling faster diversions, quicker clearance of accident scenes, and better coordination with medical and security agencies.

Field commanders and rescue teams now operate on synchronised data networks, allowing immediate decisions that reduce secondary crashes and prolonged congestion.

According to LASTMA’s 2025 operational summary, the agency rescued 1,075 people from crash scenes, and impounded 17,169 vehicles for various traffic violations across Lagos through its toll-free hotline.

These figures reflect how timely reporting and coordinated response have already reduced secondary accidents and eased congestion, according to the agency.

It went on to it achieved this with the toll-free reporting system, body cameras, and field coordination networks but with the newly deployed suite of smart technologies, the agency’s impact is poised to multiply.

Bakare-Oki said the upgrade aligns with the state’s smart-city agenda, positioning LASTMA as a technology-enabled public safety agency and laying the groundwork for faster, more reliable mobility management on Lagos roads.

 


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Purple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026

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This International Women’s Day 2026, the world is saying “Give to Gain.” PalmPay is turning this message into action by empowering young women with the skills and resources to thrive in today’s fast evolving economy.

The PalmPay Purple Woman 3.0 is a 3-Day Digital Financial & Technology Masterclass created to bridge the gender gap in tech. The program is designed to equip women with practical, job  ready skills while also providing job opportunities for career growth.

Launched in 2024, the Purple Woman initiative has impacted 150 women in specialized fields, including Data Analysis, Software Engineering, and Product Management, with learning resources and hands-on skills to launch them into the competitive job market.

From March 5–7, 2026, 100 women aged 18–30 will be selected through a competitive application process to participate in this year’s cohort. Over three immersive days, participants will receive hands-on training from industry experts in digital finance and technology.

And it doesn’t end there.

Ten outstanding participants will secure a 3-6month internship with PalmPay, gaining practical fintech experience that can shape their professional journey.

For participants of this initiative, the Purple Woman Program isn’t just about learning new skills, it’s about building networks, gaining confidence and unlocking bigger opportunities that will positively impact the trajectory of their careers.

For more information about the Purple Woman initiative, visit @PalmPayappng


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