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Kinnevik Invests More, Says Konga Heading Towards Profitability

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Konga’s investors Kinnevik AB with 34% stake valued at SEK 133m (Swedish Krona) approximately $15m as at September 30, 2016, has reported that Nigerian e-commerce giant, Konga, is on its way to profitability even as it has already committed to double digit multi-million dollar investment in the e-commerce platform this year.

In its interim report for the first 3 quarters of the year 2016, Kinnevik said Konga’s active customers per end of August increased by 5% compared to last year, due to Konga’s focus on operational efficiency.

It further published that Konga is progressing well on its path to profitability and reached break-even before overhead costs for the first time in September 2016.

Though the figures of new funding from Kinnevik could not be obtained, Konga received series B $25 million funding from Kinnevik and Naspers in 2013; $40m in Series C in 2014; and Shola Adekoya, Konga’s CEO, revealed the e-commerce giant in Nigeria received multi-million dollars investment from Nasper and Kinnevik at the beginning of the year 2017.

Adekoya said, “We kicked off 2017 with a multi-million dollar investment from Naspers and Kinnevik, and it gave me pause to reflect on the progress of both Konga, and the wider ecommerce industry in Nigeria.

He remarked that Nigeria boasts the largest population in Africa – set to increase from 180m today to 440m by 2050, with GDP expected to grow between 4.5 and 9 percent each year in between.

“With 38 percent of Nigerians now connected to the internet – a figure that’s on the rise fueled by a growing middle class – our ecommerce industry clearly has potential,” Adekoya said.

He however, acknowledged that “reaping these online rewards isn’t straightforward. To encourage Nigerians to make more online transactions the ecommerce industry must find innovative solutions to the table stakes of online sales, such as fast and easy payments and refunds, and trouble-free deliveries and returns.

“Perhaps it’s the passion and commitment involved in bringing Nigeria’s strong trading culture online that makes our country an attractive proposition for investors”.

Going memory lane, he said “When we started Konga in 2012, we knew we had to innovate to be successful. Today, I am proud of the progress we’ve made. We are a homegrown Nigerian business, tailored to our local customers’ needs and committed to delivering the highest standards of service in the market.

“We’ve significantly grown our marketplace to service local seller and customer needs, and we’ve built much of our own nationwide delivery network from scratch, empowering 80 local franchisees in the process, as well as building a proprietary third party logistics and warehousing service. We’ve also launched KongaPay, which has materially increased our prepaid orders and reduced friction in the payment process”.

He added that there’s much still to do, especially as Konga’s marketplace model continues to evolve around local nuances, “but at Konga we couldn’t feel more positive about the future. Our latest round of investment from Naspers and Kinnevik follows their previous investments and underlines their ongoing commitment to our business and the Nigerian ecommerce market.

“It’s the perfect way to start our fifth year of business and we look forward to benefitting from their continued support and expertise. Of course, neither Naspers nor Kinnevik are strangers to Nigeria, having been long-term investors in the country via successful businesses like Naspers’ MultiChoice”.

Adekoya said that looking ahead, it is their ambition to bring millions more consumers online to shop for their everyday needs by providing a superior service that means and offers something to everyone. “Our latest double digit million-dollar investment from Naspers and Kinnevik will take the business to breakeven and allow the team to continue improving on Konga’s customer experience across all its offerings.

“We value our customers’ patronage and we are committed to delivering a truly amazing service to them,” he concluded.

 


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Kaspersky Warns that Scammers are Exploiting World Cup 2026 Travellers

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Kaspersky experts explain which online offers travellers should be cautious of when planning their trip, to avoid spoiling their experience ahead of the upcoming games.

Thousands of fans are expected to attend the World Cup 2026, and many are already handling their travel logistics, purchasing their flights and other transport tickets, booking accommodation, and arranging everything they need to reach the host cities. As interest grows, so does the number of fraudulent schemes that exploit the fact that fans are actively preparing for their upcoming journey.

In late April 2026, Kaspersky experts detected a campaign exploiting the branding of a well-known transport app, targeting users in Mexico. The interface of a fake Spanish-language website, impersonating one of the services, prompts users to enter their phone number and password in order to “claim prizes.” In reality, the attackers are mimicking a trusted brand and attempting to steal users’ credentials from those lured by the promise of a reward.

Some cybercriminals go “a level lower” and post their offers on the dark web. Kaspersky Digital Footprint Intelligence experts discovered a thread advertising such services, published on a shadow forum in March 2026.

The listings included offers for discounted airline tickets, hotel bookings, and match tickets, allegedly at 20% off the original price. These offers are designed to lure users and can be highly dangerous, ultimately resulting in victims losing both their money and any services they expected to receive.

Entrepreneurs and property owners also in the crosshairs

Cybercriminals are also targeting businesses and entrepreneurs at the intersection of the travel industry, which is also involved in the event. Given the high demand for short-term rentals during the tournament, property owners have become an attractive target for scams.

For example, a fake website was discovered requesting account credentials for a well-known platform. In this way, scammers attempt to gain access to property owner accounts, potentially resulting in unauthorised withdrawals and financial losses.

Another common scheme involves fraudsters attempting to extract money from organisations by posing as representatives of well-known airlines and offering fictitious business partnerships. In these emails, they claim to be launching new projects or business expansion initiatives and state that they are actively seeking suppliers or contractors.

If a company representative responds to such an offer, the scammers typically escalate the deception in a subsequent stage. To enhance credibility, they send forged documents for completion and signature, including supplier registration forms and non-disclosure agreements.

The ultimate objective of the fraudsters in this scheme is to induce the organisation to pay a so-called “deposit,” ostensibly required to secure a priority position in a partner selection list.

According to the claims made in the fraudulent communications, this payment would later be fully refunded once the partnership is formally established. In reality, this promise is entirely deceptive. The perpetrators simply appropriate the funds, and no reimbursement is ever made to the victim organisation.

“The travel sector, particularly when it intersects with major events, is a persistent target for a wide range of scams and fraudulent schemes. For end users, it is often difficult to distinguish at first sight between a legitimate website and a spoofed one, or between genuine marketing communications from a reputable service and scam emails.

“We therefore advise treating overly attractive offers with a high degree of caution in order to protect your personal data and financial resources,” says Anna Lazaricheva, senior spam analyst at Kaspersky.


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Meta Platforms Contributed $820m to Nigeria’s Economy in 2025 – Report

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Meta’s family of platforms, including Facebook, Instagram and WhatsApp, contributed an estimated 820 million dollars in annual economic value to Nigeria in 2025, according to a new report released on Wednesday.

Meta platforms contributed $820m to Nigeria’s economy in 2025 - Report

Meta

The report titled “Nigeria’s Digital Economy” was conducted by independent research firm, Public First, and commissioned by Meta.

It stated that 14 million Nigerian small and medium-scale enterprises (SMEs) used Meta platforms in 2025 to start, run and grow their businesses.

According to the report, the platforms contributed about two billion dollars to Nigeria’s Gross Domestic Product (GDP) while generating an estimated 640 million dollars in productivity gains through instant messaging services.

The report noted that 81 per cent of Nigerian businesses surveyed said Meta platforms had helped them expand their customer base beyond their local areas.

It added that the digital tools had reduced customer acquisition costs and enabled businesses in different parts of the country to access wider markets.

The report also highlighted the growing role of artificial intelligence (AI) in Nigeria’s economy, projecting that AI could contribute 22 billion dollars to the country’s GDP by 2035 under favourable conditions.

It stated that 87 per cent of online Nigerians surveyed believed AI products developed within Africa would play an important role in the continent’s economic growth.

Speaking on the findings, Meta’s Director of Public Policy for Sub-Saharan Africa, Balkissa Ide Siddo, described Nigeria as one of the world’s most entrepreneurial and digitally engaged markets.

According to her, Meta platforms are helping to remove traditional barriers to business growth and enabling entrepreneurs to access broader economic opportunities.

“From a tailor in Lagos reaching customers across the country through Instagram, to a small business owner in Kano taking orders on WhatsApp, to a creator in Abuja building a global audience on Facebook, Meta’s platforms are unlocking real economic opportunity,” she said.

Siddo noted that WhatsApp had become a major gateway for AI adoption in Nigeria and across Sub-Saharan Africa.

She added that 93 per cent of Meta AI prompts in the region were made through WhatsApp, indicating that many users were engaging with AI technologies through platforms they already use daily.

The report further stated that 93 per cent of online Nigerian adults surveyed said they felt more connected to wider communities through Meta’s applications.

Also speaking, Alison Neyle, Director at Public First, said the findings reflected the increasing role of digital platforms in supporting entrepreneurship and participation in Nigeria’s growing digital economy.

“Nigeria’s digital transformation is creating new opportunities for businesses, creators and consumers alike.

“With the right combination of infrastructure, platform access and open-source AI, the upside for Nigeria is significant,” Neyle said.

The report projected that Meta’s contribution to Nigeria’s economy could rise to two billion dollars annually as digital adoption deepens and internet access improves across the country.


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NITDA Unveils AI-Powered Government System That Tracks Workers, Flags Delays Automatically @ICSC 2026

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Kashifu Inuwa, director general of the National Information Technology Development Agency, has called on public institutions and organisations to embrace Artificial Intelligence (AI) responsibly while prioritising human accountability, policy frameworks, and digital skills development.

NITDA Unveils AI-Powered Government System That Tracks Workers, Flags Delays Automatically @ICSC 2026

Rep of DG NITDA, the Director, SMP Department, Dr Aristotle Onumo giving insights into effective public service delivery through digital transformation at the ICSC 2026

Speaking at the International Civil Service Conference 2026, held at the Eagles Square in Abuja, the NITDA boss who was represented by the Director, Stakeholder Management and Partnership department, Dr Aristotle Onumo, disclosed that the Agency has already begun implementing a comprehensive AI Transformation Plan designed to reposition the organisation for long-term institutional efficiency, continuity, and productivity.

According to him, the three-year transformation initiative is aimed at creating a digitally driven institution where operations can continue seamlessly regardless of personnel changes.

“In NITDA as an agency, we have what we call the AI Transformation Plan. It is a kind of three-year plan which we have put in place so that even if the current staff are replaced completely, new personnel should be able to interact with the system and continue work without hindrance,” he stated.

The DG explained that the Agency has already integrated AI into its internal workflow processes, particularly in document management and task tracking.

He noted that official documents submitted at the Agency’s premises are now scanned immediately at the gate and automatically routed by AI systems to the responsible officers based on identified keywords and subject areas.

He added that the AI infrastructure also monitors timelines and flags delays where officers fail to attend to official correspondence within stipulated periods.

“All that is required now is to drop documents at the gate. AI scans and routes them to the appropriate officers. If such documents are not treated within the required timeframe, the system flags them and reports accordingly,” he explained.

While acknowledging concerns surrounding AI adoption, particularly fears about job displacement, the NITDA DG stressed that the technology should be viewed as a tool for improving productivity rather than a threat to human relevance.

“There is always this fear that AI is coming to take away jobs, especially in the public service. But I want to state clearly that the jobs of people who refuse to upskill themselves may eventually be affected. However, those willing to retrain and adapt will benefit immensely from AI,” he said.

To address workforce transition concerns, he revealed that NITDA has commenced agency-wide AI capacity building programmes for all staff members.

According to him, employees whose traditional roles are being transformed by automation are being reassigned and redesignated into emerging AI-related functions.

“We have ensured that everyone undergoes AI training. Those who previously handled manual file operations have now been redesignated as AI assistants and AI administrators. We are preparing our workforce for the future rather than replacing them,” he noted.

The DG further emphasised the importance of maintaining human oversight in AI deployment, warning against the complete removal of human intelligence and accountability from governance systems.

“You must not take away human monitoring and accountability in any AI implementation process. At the end of the day, someone must remain accountable,” he cautioned.

Speaking on governance and regulation, the NITDA boss called for all Ministries, Departments and Agencies (MDAs) to develop internal AI policies capable of defining clear operational boundaries for the technology.

According to him, government deployment of AI differs significantly from private sector usage because public institutions must bear responsibility for any AI-related failures or ethical breaches.

He stressed the need for robust governance frameworks to guide responsible AI use, protect citizens’ rights, and ensure compliance with data protection regulations.

“We must ensure that whatever we use AI for aligns with data protection regulations and responsible use principles. Without proper frameworks, data misuse could become more prevalent and destructive,” he warned.

The NITDA DG also highlighted the Agency’s broader efforts to drive national AI adoption following the development of Nigeria’s National AI Strategy, which he described as one of the country’s most forward-looking digital policy documents.

He stated that NITDA is currently using the Agency as a practical AI sandbox to test implementation models before wider deployment across the public service ecosystem.

As part of efforts to deepen digital capacity across government institutions, he disclosed that NITDA is collaborating with the Office of the Head of Civil Service of the Federation to train civil servants in digital literacy and AI-related competencies.

He reiterated that the future workforce must embrace continuous learning and adaptability to remain relevant in an increasingly AI-driven world.

“AI has not come to replace people completely. But those who refuse to develop their skills may struggle to fit into the evolving technology ecosystem,” he concluded.


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