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Jumia Shares Surge Following Rumours of Zinox Acquisition

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Speculations of a potential takeover of pan-African e-commerce firm Jumia Technologies by the Zinox Group, Sub-Saharan Africa’s leading tech conglomerate, has seen shares of the e-commerce giant rise by 14.81 per cent.

Investigations show Jumia’s shares currently trading at $5.89 on the floor of the New York Stock Exchange (NYSE) after it spiked by 14.8 percent on Friday May 13, 2022.

The spike came after investors increased their buying interest in the firm after a series of trending media reports suggested that Chairman, Zinox Group, Leo Stan Ekeh may be seriously considering an acquisition of Jumia after quietly ramping up shares in the business. Although there has been no formal confirmation or denial of Mr. Ekeh’s interest in Jumia by Zinox, the development has contributed to shoring up the value of Jumia shares which rose 14.8 percent on Friday, opening at $5.13 per share and closing at $5.89 per share.

Consequently, market capitalization of the e-commerce firm rose above $588 million backed by the double-digit percent increase in its shares.

The recent jump in its stock price notwithstanding, Jumia shares have depreciated by over 50 per cent since the start of 2022. Experts attribute the development to investors fleeing tech stocks with high price and earnings multiples in favour of more fundamentally strong companies in the oil and gas and industrial sectors. Jumia also reported losses after taxes of about $227 million in its 2021 annual income statement and has only $413 million in net equity.

A Jumia takeover by the Zinox Group, although still in the realm of speculations, would see the tech conglomerate become the biggest e-commerce owner on the continent and would echo moves of a similar groundbreaking acquisition which it pulled off with Konga in 2018.

Ekeh acquired Konga from its previous owners – South African headquartered Naspers and Swedish firm, AB Kinnevik – with the firm on the verge of a near exit from the market. Three years later, Konga, now under new management, turned profitable, becoming the first e-commerce firm in Africa to achieve this feat. Ekeh is also reported to be supporting a massive upscale of critical investment in Konga in the areas of technology, logistics and massive regional warehouses in Lagos, Port Harcourt, Abuja and Onitsha, among others.

Konga, which has made a success of its revolutionary fusion of online and offline, has also continued to attract concrete interest from a horde of potential investors amid rumours of an expansion of its operation across Africa.


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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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TAFTA’s TALP-X Paves Way for Young Creatives

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Terra Academy for the Arts (TAFTA), Nigeria’s leading creative education academy, last Sunday showcased its transformative impact on young talents across the country.

Founded with a mission to educate and upskill young Nigerians in various creative industries, including animation, art business & entrepreneurship, scriptwriting, sound design, and stage lighting, TAFTA has become a beacon of empowerment.

Since its inception in 2022, TAFTA has empowered over 24,440 young Nigerians across Lagos, Kano, and Ogun states with invaluable theatre arts and entrepreneurship skills. Notably, TAFTA has successfully integrated 9,165 youths into the workforce, with 5,156 young women securing employment or gigs in their respective fields.

Under its flagship initiative, the TAFTA Action Learning Project (TALP-X), TAFTA, in partnership with the Mastercard Foundation and Utica Capital, hosted an unforgettable evening at Terra Arena in Victoria Island, Lagos.

Featuring five spectacular stage plays, the event not only entertained but also highlighted the depth of talent nurtured through TAFTA’s programs, creating an experience that truly made the attendees say, ‘We Outside.'”

The evening kicked off with a soul-stirring performance by Wisdom Joe, whose renditions of classics such as “Coat of Many Colors” and “Mr. Jailer” set the stage alight.

This was followed by powerful spoken word pieces by Adeoye Adelakun, who gave a poignant eulogy of Yorubaland, creating an electric atmosphere from the start.

The stage then came alive with the captivating storytelling of the first play, titled “Nocturnal.”

The audience was transported into a riveting tale of a dysfunctional couple who, despite their differences, successfully resist outside intervention and pressures.

Following the thunderous applause, the students of the academy presented a thought-provoking contemporary drama, “Hues,” exploring women’s empowerment through collaboration. As the night progressed, the energy in the room only intensified.

The audience roared with laughter during “Kolo,” a thought-provoking social commentary on sanity. This hilarious play offered a satirical look at two madmen who, realizing that madness is more affordable, ultimately choosing to embrace insanity.

The heartfelt performance “Maami,” a touching comedic portrayal of familial bonds during a wedding fundraiser, added layers of depth and emotion. The night culminated in “Hello,” a gripping dialogue between God and Lucifer inspired by Adele’s classic song, leaving the audience mesmerized and inspired.

The highlight of the night was the overwhelming support and enthusiasm of the attendees, who filled the venue with cheers and applause throughout the performances. Their energy elevated the atmosphere to new heights.

If you missed this unforgettable event, do not worry. There is more to come!!! TALP (TAFTA Action Learning Project) X is a stage play event held every quarter.

Follow @Tafta_academy on social media to stay in the loop about upcoming performances. This is your chance to be part of a transformative cultural experience that celebrates creativity and empowers the next generation of Nigerian artists and entrepreneurs.

Also, if you are a Nigerian youth with a passion for the arts, a new cohort is starting August 8th, 2024. Visit the TAFTA website to stay updated on the call for entry and other news. This is a once-in-a-lifetime opportunity to learn from the best and brightest in the industry and to develop your talents to their fullest potential.


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NIGCOMSAT, BON Partner to Enhance Broadcasting Services

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NIGCOMSAT Limited, Nigeria’s satellite communication infrastructure provider, says it has begun a collaborative partnership with the Broadcasting Organisation of Nigeria (BON) to provide uplink services.

NIGCOMSAT, BON Partner to Enhance Broadcasting Services

This was disclosed in a statement issued by Aisha Bantam, spokesperson, NIGCOMSAT Limited,  on Wednesday. The company said this strategic alliance aims to improve the quality and reach of broadcasting services for BON members across the country for a period of three months.

According to Bantam, the development which aligns with the mandate of the Federal Ministry of Communications, Innovation and Digital Economy under the supervision of the Minister, Dr. Bosun Tijani, will see NIGCOMSAT leverage its state-of-the-art satellite technology to empower BON and its member organisations.

“This partnership will enable BON to seamlessly access NIGCOMSAT’s reliable and high-performance uplink services, ensuring their broadcast signals are delivered with unparalleled quality and consistency to viewers nationwide,” Bantam said.

Mrs. Jane Egerton-Idehen, managing director/chief executive officer, NIGCOMSAT Ltd, said the company is committed to driving digital transformation and enhancing connectivity across Nigeria.

She said: “By collaborating with the Broadcasting Organisation of Nigeria, considering the strong influence it has in the media space and its contributions to the development of the society, we have the opportunity to elevate the country’s broadcasting landscape and bring the benefits of satellite technology to millions of Nigerians who rely on these vital services”, she added.

“The collaboration will commence immediately with NIGCOMSAT’s technical team working closely with BON to integrate their systems and ensure a seamless transition. This partnership underscores NIGCOMSAT’s dedication to supporting the growth and development of Nigeria’s media and communications sectors, ultimately empowering citizens with access to reliable and informative content,” the stated noted.

 


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Big Brother Naija Returns for 9th Season with a New Twist

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Nigeria’s popular reality TV show, Big Brother Naija (BBNaija) is set to return for its ninth season on Sunday, July 28, 2024. The show still maintains its cash prize of N100 million and a brand-new SUV, among other prizes.

This season however will mark the first-time contestants will be entering the game as pairs, setting the stage for unprecedented alliances and thrilling competition.

The show’s organiser, MultiChoice Nigeria, revealed that this season will uphold the high standards of entertainment and drama that have come to be expected from the reality show series. Contestants from all over Nigeria with diverse backgrounds will compete for the grand prize over a total of 71 days.

“We are delighted to introduce a brand-new season of Big Brother Naija. The excitement on social media and the curiosity about this ninth season have been incredible,” said the Executive Head, Content and Channels, West Africa at MultiChoice, Dr Busola Tejumola.

“The theme for this season will be announced at the premiere as housemates enter the house in pairs. This innovative format promises to deliver fresh dynamics and unforgettable entertainment.”

Tejumola announced that the Showmax exclusive recap show, ‘The Buzz,’ featuring on-air personality Toke Makinwa, will return for this season. The show plays a complementary role in highlighting BBN’s high points and bringing more perspectives to viewers.


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