E-Business
Konga Has Grown 8 Times Over, Prince Ekeh Tells CNN
Konga, Nigeria’s foremost e-commerce giant, has made significant strides which have positioned it as the clear leader in Nigeria’s highly competitive e-commerce market. The foregoing was disclosed by Prince Nnamdi Ekeh, co-chief executive officer of Konga, in a chat with Cable News Network (CNN), global news medium, last week.
Prince Ekeh was speaking to CNN Marketplace Africa on the sidelines of the first Creative Africa Exchange weekend held in Kigali, Rwanda from the 16th-18th January 2020.
The Konga CEO was one of the speakers at the event which brought together over 1500 participants from 68 countries and over 250 exhibitors.
He disclosed that Konga’s omni-channel structure which sees it taking a percentage of the retail outlay in the online (formal) and offline (informal sector), self-owned tech-driven logistics solution, Kxpress through which it handles deliveries to customers as well as external parties, state-of-the-art regional warehousing facilities which enables it retain inventory in diverse states and locations in Nigeria as well as sound knowledge of the Nigerian business terrain are factors that have placed the company in front.
‘‘Konga is best positioned as the leader in the Nigerian e-commerce market. We are not just an e-commerce company but we run an omni-channel model with over 30 physical stores spread across Nigeria. So, we are closest to the people. Also, we are seeing huge growth in the business and in our customer base. Between last year and this year, the business grew by almost eight times,’’ he enthused.
Equally important, the Harvard alumnus based the foregoing on Konga’s strategic business ideals. Prince Ekeh affirms that the company is run efficiently and with transparency and integrity.
‘‘The key is growing your revenue while being able to manage your costs. That is the only way for sustainable growth. In the last year, we have been able to grow revenue by eight times but we have also been able to reduce our costs by 65%. That is quite huge.’’
Sharing his thoughts on how Konga is creatively resolving the challenge of logistics which has hobbled other players in the market, Prince Ekeh noted that the company had relied on its deep understanding of the Nigerian terrain – a factor which he emphasized has distinguished Konga in the marketplace.
‘‘The starting point for us was identifying the problem. There is a huge problem in Nigeria where the informal market is so huge, so massive; in fact, almost 98% of the market. This means that people don’t have access to quality products; they don’t have access to quality after-sales services.
‘‘So, we identified this problem when we came into the market. What we hold ourselves on is integrity and making sure that we are supplying quality products and as quickly as possible. We had to look internally and invest in a logistics platform for ourselves. So, we built a logistics platform working with franchisees in local areas. If you understand the dynamics of local villages in Nigeria, most people know each other. As long as we had the name and the phone number of the person who requires the product, someone in the local village knows that person. So we partnered with local people and empowered them to deliver to the last mile for us.
‘‘Today, we have built Kxpress, our logistics platform, to the point where we are not only delivering for Konga but for other partners. That’s where you begin to add value because not only Konga has that problem. A lot of people have the same problem. People who sell on social media have that problem too. So, we are building a platform not just for ourselves but for the entire industry. With that, we are able to scale much quicker.’’
Quizzed by the CNN’s Eleni Giokos on Konga’s expansion plans, Prince Ekeh disclosed that the goal is to dominate Nigeria, which the company has all but achieved, before expanding to other African countries.
‘‘Nigeria is one of the largest markets in Africa. We are looking at consolidating in Nigeria and ensuring our customers get the best services and then rolling out across Africa. If you are able to scale to the point where you can solve a lot of the problems in Nigeria, it makes it easy to take on other markets outside Nigeria. Definitely, Nigeria is the focus for now. That’s where we started and that’s where we hope to scale and once that is done, we can begin to expand to other African markets.’’
Continuing, he stated: ‘‘We have a lot of things going on. We are also adding a lot of business units. We recently launched our travel business in February 2019 and also have a Central Bank of Nigeria-licensed mobile money platform called KongaPay. We also have KXpress, our logistics business. We are a platform and as a consumer, we want to connect you to all these different services we provide. We also plan to roll out a lot more services so that our customers stay within that platform as we continue to grow the customer base.’’
Incidentally, there has been a lot of talk about foreign players such as Amazon and Ali Baba eyeing a share of the potentially money-spinning Nigerian e-commerce market. However, Prince Ekeh welcomed the development, even as he held that no one understands the Nigerian market better than Konga.
‘‘I love the competition because the market is huge. Competition is good. It keeps you on your toes. I mean, Nigeria has over 200 million people and the informal market is still like 98%. That means, all the big players in the market are only sharing just like 2% of the potential of the industry. As the formal market grows, we also see the pie growing which means more revenue for all of us. I think the market can still accommodate more players.
‘‘I should know my market better than anyone else. The funny thing is, when the foreign players come into the market, they face exactly the same problems. They face the crazy Lagos traffic; they face the bad roads and bad infrastructure. So, we all have to face the same problems; which we have experienced all our lives, so it’s a bit easier to adapt and just like what we did with the logistics problems, it’s easier for us to find those innovative solutions,’’ he disclosed.
On how Konga is adding value and transforming lives, Ekeh took pride in giving others an opportunity like the one he was privileged to have.
‘‘Luckily, I was privileged to go to school abroad. I returned and I had access to funds. What keeps me up is how do I provide the same opportunity to people under me. In a way, I am doing that with Konga. I will give you an example. We have a seller that started off selling on our platform. She had a small shop in Balogun Market in Nigeria, which is a huge market, but like with very tiny shops. So, she was struggling at that point in time. She started selling on our platform and today, she has about 13 stores and her children now school outside the country. That’s huge and all we have done is just provide her a platform to sell her products. She has access to the whole of Nigeria.’’
Ekeh, who stated that Konga is a technology company, described Africa as the new frontier of prosperity in the 21st Century, even as he threw some light on the trends shaping commerce in the current age.
‘‘I think Africa has so much opportunities. It was Jack Ma who once said that Africa has the potential to become the next China but what we need is great minds to come in to the continent and invest in businesses and look for innovative ways to solve African problems.
‘‘When you look at Africa, we tend to skip trends. Africa skipped the Personal Computer trend and went straight to mobile. So, I feel like Africa might skip the e-commerce trend and go to social commerce. We see a lot of people buying products from Instagram, from Facebook, from various social platforms. And at Konga, our goal is not only to be an e-commerce platform. Our goal is to be an engine for commerce and trade in Africa. As much as our focus is e-commerce with physical stores, we are also venturing into social commerce. Anywhere we find our consumer, we try to play in that space as much as possible,’’ he concluded.
Okitipi Samuel, a Nigerian man, has been taken into custody by the Nigeria Police Force for his alleged role in a global cyberattack on Microsoft 365 users.
Benjamin Hundeyin, Force public relations officer, disclosed this on Thursday in Abuja while briefing journalists on the outcome of investigations carried out by the National Cybercrime Centre of the Nigeria Police Force.
Hundeyin said the centre, under the leadership of Ifeanyi Uche, its director and Commissioner of Police, commenced investigations in collaboration with Microsoft, the Federal Bureau of Investigation, the United States Secret Service, and the United Kingdom’s National Crime Agency.
According to him, investigations revealed that a phishing toolkit known as “Raccoon 0365” was used to create fake Microsoft login portals to harvest user credentials and unlawfully access email accounts belonging to corporate organisations, financial institutions, and educational institutions in several countries.
“This investigation commenced following credible intelligence received from Microsoft USA through the FBI, indicating that a malicious phishing toolkit known as Raccoon0365 was being used to create fake Microsoft login portals, harvest user credentials, and unlawfully access the email accounts of corporate organisations, financial institutions, and educational establishments,” Hundeyin said.
He added that between January and September 2025, several reports of unauthorised access to Microsoft 365 accounts were traced to phishing emails designed to mimic legitimate Microsoft login pages, enabling business email compromise, internal phishing, data breaches, and other cyber-enabled fraud.
Hundeyin said digital forensic analysis and cryptocurrency tracing identified wallets connected to the illegal operation.
He noted that operatives were deployed to Lagos and Edo states, leading to the arrest of three suspects identified as Joshua, James, and Okitipi Samuel between September 20 and October 4, 2025.
“Following extensive digital forensic and technical intelligence analysis, the centre conducted cryptocurrency tracing that identified suspicious wallets connected to cash-out schemes.
“Acting on actionable intelligence, operational teams were deployed to Lagos and Edo states, resulting in the arrest of Joshua, James, and Okitipi Samuel. Searches at their residences led to the recovery of mobile devices, laptops, and other digital exhibits linked to the fraudulent scheme,” he said.
Hundeyin identified Okitipi Samuel, also known as “0365” and Moses Felix as the principal suspect and developer of the phishing infrastructure.
He added that investigations confirmed Samuel unlawfully used the email details of one of the arrested individuals without consent to register some of the accounts used in the operation.
The police spokesperson said further investigations revealed that the identities of Joshua and James were used without their consent.
“There was no evidence linking them to the creation or operation of the phishing scheme. They were victims of identity theft,” Hundeyin said.
He said a prima facie case had been established against Samuel for identity theft, unlawful access to computer systems, creation and distribution of malicious software, unauthorised interference with network data, and aiding and abetting fraud.
Hundeyin added that the suspect would be charged under relevant provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024.
He said the suspect would be prosecuted in Nigeria, noting that the country has the capacity to enforce its cybercrime laws, although extradition could be considered if formally requested through due process.
Hundeyin assured Nigerians that the police, under the leadership of Kayode Egbetokun, inspector-general of Police, would continue to protect the country’s digital ecosystem and urged citizens to practise good cyber hygiene by being cautious when clicking links and sharing personal information online.
Speaking separately, Ifeanyi Uche, director of the National Cybercrime Centre, urged Nigerians to exercise caution online.
Uche advised members of the public to avoid clicking on links from unknown or unexpected sources, noting that such links often contain malware or phishing tools designed to compromise devices and personal data.
He warned that indiscriminate clicking of links or responding to unsolicited emails could lead to unauthorised access to personal and corporate accounts, urging citizens to “wash their cyber hands” by verifying sources before taking action online.
Nigeria has unveiled a comprehensive, multi-pronged strategy designed to localise WSIS+20 commitments. This roadmap accelerates national transformation by prioritising robust infrastructure, transparent internet governance, and advanced cybersecurity through deep stakeholder collaboration.
Unveiled in New York at the Nigerian high-level side event titled “Re-Imagining Digital Cooperation for Sustainable Development: From WSIS+20 Vision to Local Action,” the strategy cements Nigeria’s position as a primary architect of the world’s digital future.
Speaking at the event, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE represented by Director, Corporate Planning and Strategy, Dr. Dimie Shively Wariowei said Nigeria’s approach is deliberately aligned with the four core activity areas identified under the ongoing WSIS+20 review process.
According to him, the focus areas provide a practical framework for translating global digital commitments into measurable national outcomes, ensuring that international resolutions drive inclusive growth and sustainable digital development at the country level.
Inuwa identified digital infrastructure as the foundation of effective localisation, noting persistent challenges in extending connectivity to underserved and remote communities. Beyond infrastructure gaps, he highlighted affordability constraints and digital literacy deficits, stressing that addressing these issues remains central to Nigeria’s digital inclusion drive.
He explained that government alone cannot shoulder the burden of nationwide digital infrastructure deployment, given Nigeria’s vast geographical spread, hence the adoption of collaborative Public-Private Partnership (PPP) models. He disclosed that Nigeria, in collaboration with the World Bank, is implementing a major fibre-optic project spanning about 90,000 kilometres nationwide to boost connectivity.
The NITDA DG also revealed that the current National Broadband Plan, which has guided broadband expansion in recent years, is nearing completion, with plans underway to renew and reposition it for the next five years. The renewed plan, he said, will strategically target increased broadband penetration as a catalyst for digital access and economic growth.
On internet governance, Inuwa referenced Nigeria’s active participation in the Internet Governance Forum (IGF), noting that the country successfully hosted its annual national IGF. He said the forum operates on a multi-stakeholder model that brings together government, the private sector, civil society and the technical community to foster cooperation and informed policy dialogue.
Cybersecurity, he added, remains a critical pillar of Nigeria’s localisation efforts. He cited the existing Cybersecurity Act and ongoing efforts to strengthen the legal framework through a reviewed version currently awaiting parliamentary approval. These measures, he said, are designed to mitigate risks associated with increased internet use and to protect users and critical digital infrastructure.
Inuwa further stressed Nigeria’s ambition to play a leadership role in advancing digital cooperation across Africa through inclusive, multi-stakeholder engagement. He underscored the importance of coordinated national data collection, noting that reliable, country-specific data is essential for tracking progress and presenting Africa’s digital development story on the global stage.
He concluded that sustained engagement and follow-up actions arising from the WSIS+20 review would strengthen digital cooperation among African countries and ensure that global digital commitments translate into tangible national and regional impact.
Stakeholders commended Nigeria’s efforts in the digital space, acknowledging the country’s growing role in shaping Africa’s digital future.
Earlier, Ms. Jennifer Chung, Co-Convener of the Informal Multi-Stakeholder Sounding Board (IMSB), praised Nigeria for convening a broad-based, multi-stakeholder delegation and for its commitment to the meaningful implementation of WSIS+20 outcomes.
Chung stressed the growing demand for localised WSIS follow-up mechanisms, noting that platforms such as the annual IGF, National and Regional IGF Initiatives (NRIs), and youth-led forums are vital for tracking progress towards the 2030 Agenda and Africa’s Agenda 2063.
She described the WSIS+20 review as a critical step toward effective monitoring, reliable data collection and evidence-based evaluation, particularly for developing countries in the Global South. According to her, these measures are essential to achieving WSIS targets and ensuring that no region is left behind.
Drawing parallels with the Asia-Pacific region, Chung noted that challenges around affordable and meaningful connectivity remain widespread across developing economies. She emphasised that expanding broadband penetration and reducing the cost of access are crucial to closing digital divides in Africa, Asia-Pacific and other parts of the Global South.
She also highlighted the need to enable active citizen participation in emerging technologies, including artificial intelligence and future innovations such as quantum technologies, stressing that inclusive digital access is key to maximising the benefits of digital transformation.
Reflecting on the WSIS+20 review process, Chung praised the innovative and inclusive approach adopted through the informal multi-stakeholder sounding board, describing it as one of the first of its kind in global digital governance. She called for sustained collaboration among governments, the private sector, civil society and the technical community to carry the WSIS vision from global commitments to local action.
United Bank for Africa (UBA) Plc has announced a $100 million financing partnership with CIG Motors, Lagride and the Lagos State Government to promote urban mobility and financial inclusion through a scheme tagged “Drive to Own.”
Group Managing Director/CEO, United Bank for Africa(UBA) and, Chairman, LagRide, Chief Diana Chen, flagged by LagRide drivers, at the signing ceremony of $100 Million Expansion Facility, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA in partnership with Lagos State Government and LagRide, held in Lagos on Tuesday.
The initiative, unveiled on Wednesday in Alausa, Lagos, will empower 3,500 drivers in the state by enabling them to own vehicles with an equity contribution of 10 per cent of the total cost, while the balance is payable over 48 months.
UBA’s Group Managing Director/CEO, Oliver Alawuba, described the scheme as transformational, noting that it would foster inclusive economic growth, support MSME development and create opportunities for the younger generation.
“This partnership with Lagride is transformational. It will drive inclusivity for economic growth and ensure progress for everyone,” he said.
Alawuba shared a personal story, recalling that his father worked as a driver and was able to fund his education through that income. He said the scheme would provide similar opportunities for many families.
UBA’s Head of SME Banking, Babatunde Ajayi, said the partnership reflected a rethinking of traditional banking models.
“Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. We designed credit that fits their reality,” he said.
Chairman of Lagride, Diana Chen, said the company had built a data-driven and credit-ready mobility platform for drivers, stressing that transportation remained the backbone of Africa’s economic future.
“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria,” Chen said.
The partnership aligns the strengths of the three organisations, with UBA providing financial support, CIG Motors offering viable business opportunities, and Lagride delivering a technology-driven platform to ensure sustainable livelihoods for driver-partners.
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