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Zinox Set to Acquire Jumia

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Leo Stan Ekeh.
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Jumia, one of the major e-commerce players in the African market, appears to be battling severe headwinds after its share price – which once traded at record highs of $59.96 tumbling down and currently trading at less than $5 – prompting speculations of a loss of investor confidence and a surprise takeover by Sub-Saharan Africa’s leading tech conglomerate, the Zinox Group.

Leo Stan Ekeh.

In April 2019, Jumia had listed on the New York Stock Exchange (NYSE) with an eye-catching IPO which witnessed share prices opening at $14.5 and rising as high as $26. However, two weeks after, a damning report by Citron Research had accused Jumia of fraud, describing its stock as worthless.

Specifically, the report had highlighted discrepancies in financials between investor presentations and SEC filings by Jumia, accusing its management of fraudulently inflating order numbers, while also labelling it a company burdened with inefficiencies.

Although Jumia denied any wrongdoing, the allegations from Andrew Left, founder of Citroen Research, resulted in a class-action lawsuit which Jumia recently settled out of court for $5m.

However, the debacle appeared to have seen investor confidence in Jumia take a huge bashing, with the likes of Rocket Internet and MTN Group, among others, exiting.

Several reports and articles in local and international media also detailed how the company which prided itself as the continent’s first unicorn fell from grace and how Jumia’s misadventure had tainted the potential of African e-commerce.

Now, confidential information from a few highly placed sources indicate that Chairman of the Zinox Group, Leo Stan Ekeh, is ramping up shares in Jumia indirectly for a possible acquisition.

Feelers say the serial digital entrepreneur, who is credited with pioneering e-commerce in Africa with his now-defunct BuyRight Africa over 12 years ago, is replicating the same strategy which he deployed successfully in acquiring Yes Mobile, a cosmopolitan high-value retail outfit, Ashour Corporation, a foremost telecommunications services provider headquartered in Dubai, UAE and more recently, Konga.

Ekeh acquired Konga, another latter-day e-commerce pioneer, at a dying stage in 2018 and turned it around to the point of profitability in barely three years, becoming the first e-commerce brand to achieve this feat which industry experts have termed a miracle.

Confidential sources claim Ekeh is supporting Konga’s massive investment in technology, logistics with a recent investment of over N4b and other infrastructure, including acquiring the single largest warehouse in Lagos, Port Harcourt, Abuja and Onitsha not too long ago, with the brand also attracting concrete interest from a horde of potential investors.

The Zinox Chairman, a restless but very passionate e-Commerce enthusiast, is rumoured by sources to be keen on consolidating the e-Commerce brand with a presence in 15 African countries under Konga to actualize his great but very silent ambition to alter the destiny of Africans.

Efforts to reach Ekeh, who is believed to be on a foreign trip, proved abortive.

However, when contacted, Gideon Ayogu, Head of Corporate Communications, Zinox Group, stated that while nothing positive is impossible, it would be a surprising development if the Group is intent on acquiring Jumia, especially considering the huge work put in by the new owners and current management of Konga in repositioning the brand to its current impressive trajectory.

‘’I am yet to hear Mr. Ekeh speak of any such potential investment,’’ he added.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN Launches One TV with Free-to-View, Pay-as-You-Go

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MTN Group has begun rolling out MTN One TV, a new entertainment proposition designed to make digital video content more accessible, relevant, and flexible for customers across African markets.

MTN Launches One TV with Free-to-View, Pay-as-You-Go

Introduced in line with MTN’s Ambition 2030 strategy, MTN One TV brings together local storytelling, live channels, international programming, and market-specific viewing options tailored to how customers across the continent access and pay for digital entertainment.

The proposition is designed to give customers greater choice in how they watch content, with viewing models that may vary by market and can include free-to-view content, advertising-funded experiences, pay-as-you-watch access, and subscription offerings.

Depending on local availability, customers may also be able to pay through airtime, Mobile Money, and other locally supported payment methods, helping to reduce common barriers to streaming access.

Beyond enhancing customer experiences, MTN One TV creates new opportunities for African creators, broadcasters, advertisers, and ecosystem partners by helping connect content to wider audiences through MTN’s scale across connectivity, payments, and digital services.

By bringing together a broad mix of content experiences under a single proposition, MTN aims to support greater content discovery, broader audience reach, and sustainable growth across Africa’s digital entertainment ecosystem.

Anchored in MTN’s strategic platforms of Connectivity, Fintech, and Digital Infrastructure, MTN One TV forms part of the Group’s broader ambition to build digital experiences that create value for customers while enabling participation and growth across Africa’s digital economy.

“Entertainment is increasingly becoming an important gateway to digital participation,” said Selorm Adadevoh, MTN group chief commercial, strategy and transformation officer.

“Through MTN One TV, we are leveraging the scale of our connectivity, fintech, and digital capabilities to make relevant content more accessible while creating new opportunities for Africa’s creative and digital economies. This is aligned with our ambition to deliver digital solutions for Africa’s progress.”

MTN One TV is being introduced progressively across MTN markets through a phased rollout approach that reflects local market needs, existing services, and partnership opportunities.

Over time, MTN will bring together a combination of video capabilities, content partnerships, and customer experiences under the MTN One TV brand to create a more consistent and scalable entertainment proposition across its footprint.

Through MTN One TV, MTN continues to extend its role beyond connectivity by combining entertainment, payments, and digital services to deliver experiences tailored to the needs of African consumers.

The rollout supports MTN’s Ambition 2030 vision of leading digital solutions for Africa’s progress while expanding access to digital entertainment across the continent.

 


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IATA Drops Bombshell: Nigeria Among World’s Most Expensive Countries to Run an Airline

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International Air Transport Association (IATA) has identified Nigeria as one of the most expensive countries in the world for airline operations, citing high taxes, charges and operational costs that continue to weigh heavily on local carriers.

IATA Drops Bombshell: Nigeria Among World's Most Expensive Countries to Run an Airline

IATA’s Regional Vice President for Africa and the Middle East, Kamil Al-Awadhi, disclosed this during the association’s Annual General Meeting held in Rio de Janeiro.

Al-Awadhi said that although Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, had been pursuing reforms aimed at improving the aviation sector, airlines operating in the country still faced enormous cost pressures.

According to him, the high-cost operating environment has continued to affect the profitability and competitiveness of Nigerian airlines, making it difficult for the industry to realise its full potential.

He noted that excessive taxes, regulatory charges and other operating expenses remained major obstacles to airline growth across the region, with Nigeria ranking among the most challenging markets from a cost perspective.

Al-Awadhi urged member states of the Economic Community of West African States to adopt a proposed 25 per cent reduction in aviation taxes and charges to ease the burden on airlines and passengers.

According to him, lowering taxes and charges would reduce airfares, stimulate passenger traffic and strengthen the competitiveness of carriers operating within West Africa.

He stressed that a more supportive policy environment was critical to unlocking the economic benefits of aviation, including increased trade, tourism and regional integration.

Industry stakeholders have consistently advocated lower taxes and regulatory fees, arguing that the current cost structure makes air travel less affordable and limits the growth of the sector.

IATA’s latest remarks add to calls for governments in West Africa to implement policies that will promote a more sustainable and competitive aviation industry across the region.


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NASENI Trains 50 Women in Kano on Renewable Energy Technologies Under She-Powers Initiative

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The National Agency for Science and Engineering Infrastructure (NASENI), under the leadership of its Executive Vice Chairman/CEO, Khalil Suleiman Halilu, has trained 50 women in Kano State on inverter and battery technologies through its She-Powers Energy Initiative.

NASENI Trains 50 Women in Kano on Renewable Energy Technologies Under She-Powers Initiative

The three-day programme, held at the Technology Incubation Centre, Farm Centre, Kano which ended yesterday, was designed to equip participants with practical renewable energy skills, promote women-led enterprises, and enhance sustainable livelihoods.

 The initiative forms part of NASENI’s broader commitment to empowering women, creating economic opportunities, and expanding participation in Nigeria’s growing clean energy sector. It also aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu by supporting job creation, entrepreneurship, and inclusive economic development.

 Through targeted interventions such as the She-Powers Energy Initiative, NASENI continues to demonstrate its commitment to leveraging technology and innovation to improve lives and drive sustainable development across the country.

Photos: Participants at the She-Powers Energy Initiative training organised by the National Agency for Science and Engineering Infrastructure (NASENI) held at the the Technology Incubation Centre, Farm Centre, Kano yesterday.


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