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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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FG Asks MDAs to Halt New Policies Until Full Compliance with RIA

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Federal government has directed all Ministries, Departments and Agencies (MDAs) to suspend the introduction and rollout of new policies, regulations, or major regulatory changes until full compliance with the Regulatory Impact Analysis (RIA) Framework is achieved.

FG Asks MDAs to Halt New Policies Until Full Compliance with RIA

The directive, issued by Princess Zahrah Mustapha Audu, director general of the Presidential Enabling Business Environment Council (PEBEC), is part of efforts to strengthen regulatory quality, ensure policy coherence, and improve the ease of doing business in Nigeria

According to the statement, the RIA Framework, which was formally implemented in January 2025, requires that all new policies or amendments introduced after the date must undergo review and approval in line with its provisions.

She noted the framework has already been circulated to MDAs by the Office of the Secretary to the Government of the Federation and is also accessible on the PEBEC website.

MDAs are therefore expected to familiarise themselves with the framework and align their policy development processes accordingly.

Audu emphasised that while the government remains committed to working collaboratively with regulatory institutions, no new reform or policy would be allowed to proceed without being backed by clear and verifiable evidence.

She explained the directive aims to prevent policy shocks that could negatively affect businesses, investors and citizens, eliminate inconsistencies and frequent policy reversals, and institutionalise evidence-based policymaking across government.

The directive also seeks to enhance transparency, improve predictability, and boost stakeholder confidence in public policies, while ensuring adequate engagement to minimise resistance prior to implementation.

Consequently, all MDAs have been instructed to suspend any planned policy rollouts that have not yet been implemented, ensure that new policy proposals are supported by comprehensive RIA and necessary approvals, and integrate the RIA process into their internal policy formulation procedures.

They are also required to undertake structured and inclusive stakeholder engagement as part of policy development to improve acceptance and implementation outcomes.

The PEBEC boss added that MDAs can access the RIA Framework through its website or seek technical support from the council’s secretariat.

She, however, noted that exceptions would only be granted in cases of urgent national interest, subject to appropriate approval.

Audu stressed that cooperation from all MDAs is crucial to building a stable, consistent and business-friendly regulatory environment capable of driving sustainable economic growth and boosting investor confidence.

 

 

 


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FG Unveils Digital Platform to Showcase Nigeria’s Culture, Tourism Destinations

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The Federal Government has unveiled a new digital platform, NITOUREY, aimed at showcasing Nigeria’s rich cultural heritage and tourism destinations to global audiences.

The initiative, introduced at a press conference organised by the Nigerian Tourism Development Authority, was described as a public-private partnership designed to project Nigeria’s diverse cultural assets.

Speaking at the event on Tuesday, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the platform marked another step in repositioning Nigeria as a leading global destination for tourism, culture and creative excellence.

She explained that the digital project would harness the power of the creative economy and technology to amplify Nigeria’s cultural narratives while creating opportunities for young Nigerians, filmmakers, content creators and tourism operators.

Musawa said, “Today marks yet another significant step in our collective journey to reposition Nigeria as a leading global destination for tourism, culture and creative excellence.

“The initiative aligned with the administration’s economic diversification drive, noting that tourism had the potential to contribute significantly to national growth.

“President Bola Tinubu has a vision to use tourism as part of economic diversification and expansion, and NTDA can play a vital role in achieving that goal”.

She emphasised that NITOUREY would not only showcase destinations across the country but also create economic opportunities within the creative industry.

“Through this initiative, we are not only showcasing destinations across Nigeria but also creating opportunities for the creative industries, including filmmakers, content creators, tourism operators and young Nigerians within the creative economy,” she added.

The minister also stressed the importance of collaboration between government agencies, state governments and the private sector, noting that the platform was a PPP initiative designed to unlock the full potential of Nigeria’s tourism and creative sectors.

“This is a commendable PPP initiative that demonstrates the collaboration required to unlock the full potential of Nigeria’s tourism and creative industry,” she said.

She further assured stakeholders that the Ministry of Art, Culture, Tourism and the Creative Economy would continue to support initiatives that enhance Nigeria’s visibility, attract investment and create jobs.

In his remarks, the Director General of NTDA, Ola Awakan, described NITOUREY as a transformative platform that will redefine how Nigeria is presented to the world.

He emphasised that tourism thrives on perception, visibility, and storytelling, noting that the platform will collaborate with key institutions, including the Nigerian Film Corporation, National Film and Video Censors Board, and the National Information Technology Development Agency, to deliver high-quality content.

Awakan added that the initiative is powered by a strong public-private partnership involving TOURCLIQ Creatives Limited and JM MiSA International Limited, underscoring the importance of collaboration in unlocking the full potential of Nigeria’s tourism and creative industries.

He further revealed that NITOUREY will spotlight iconic destinations across Nigeria’s six geopolitical zones, including Zuma Rock, Yankari Resort and Safari, the Argungu Fishing Festival, Ngwo Pine Forest and Cave, Obudu Mountain Resort, and Olumo Rock, projecting them to a global audience.

The platform is expected to serve as Nigeria’s premier tourism streaming platform, projecting the country’s culture, creativity and destinations to both domestic and international audiences.

 


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Uniting Global Standards to Power the Future of Smart Prepayment

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The STS Association is proud to announce the signing of a Liaison Agreement with the DLMS User Association (DLMS UA), marking a significant milestone in the evolution of interoperable, secure, and future-ready smart prepayment metering systems.

Uniting Global Standards to Power the Future of Smart Prepayment

This collaboration brings together two of the world’s most widely adopted global standards — STS token technology and the DLMS/COSEM data model — with the shared objective of strengthening interoperability, enhancing smart prepayment capabilities, and delivering greater value across the global metering ecosystem.

The DLMS User Association is a globally recognised authority in interoperable and secure data exchange, providing a strong foundation for innovation in energy and water management. Its DLMS/COSEM protocol and data model are widely adopted and supported by major international standardisation bodies, making it a key enabler of modern smart metering systems.

Through this liaison, the STS Association and DLMS UA will work closely to ensure that STS tokens can be seamlessly transported using the DLMS/COSEM protocol and data model. This includes the development of supporting specifications, mappings, and technical enhancements required to integrate STS token functionality within DLMS Generic Companion Profiles.

Both organisations will align their development roadmaps to ensure that advancements in token technology and data exchange evolve in a coordinated and complementary manner. In parallel, joint efforts will focus on market education, technical documentation, and awareness initiatives to clearly communicate the benefits of integrating STS prepayment with DLMS-based communication frameworks.

While electricity metering remains a primary focus, the collaboration also supports expansion into broader multi-utility applications, including water, gas, and time metering. This reinforces the relevance of both standards in enabling flexible, scalable, and future-ready utility infrastructures.

The STS Association will showcase this collaboration at the Power & Water Nigeria 2026 event between the 28th and 30th April at the Landmark Centre in Lagos, Nigeria. We will be.

The event will provide a platform to engage with utilities and stakeholders from across Africa and beyond, to demonstrate how the integration of STS and DLMS/COSEM is shaping the future of smart metering, while offering practical insights into implementation and deployment.

This strategic alignment reinforces a shared commitment to open standards, long-term sustainability, and the delivery of secure, interoperable solutions that support utilities and consumers in an increasingly digital and connected world.

 


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