General News
Konga Yakata 2021 Records over 180% Growth
Konga, Nigeria’s leading e-commerce giant, has drawn the curtains on a hugely successful 2021 edition of its annual Black Friday sale tagged Konga Yakata, with the company witnessing a massive 180% growth in Gross Merchandise Value (GMV).
The record-breaking development comes as the month-long campaign, which commenced on Thursday, November 11 came to an end on Sunday, December 12, 2021.
Feelers indicate that the e-commerce giant broke all its existing sales records during the duration of the wildly popular Konga Yakata, further justifying the significant traffic witnessed on the Konga website as well as the massive footfalls to its chain of retail stores spread across the nooks and crannies of Nigeria throughout the period of the campaign.
A source close to Konga, who pleaded anonymity as the company is yet to officially release figures, disclosed that the company enjoyed a very successful campaign, racking up massive orders and new customers, while also confirming integrity and influence of her digital logistics company known as Kxpress and the impact of various partners who showed extreme commitment.
Specifically, Konga witnessed the most significant traction from its Fast Moving Consumer Goods (FMCG), Computing, Wines/Spirits and beverages categories, all of which recorded more than a combined 120% growth year-on-year from the 2020 edition of Konga Yakata.
Also witnessing tremendous growth were its Home & Kitchen, Phones & Tablets and Electronics categories.
Deliveries were also fast-tracked, with most orders reaching their last mile destinations in record time during Konga Yakata.
In addition, the source attributed the success of Konga Yakata 2021 to the plethora of partnerships at the disposal of the e-commerce giant for the month-long sale fiesta.
Top among these was its rewarding collaboration with leading financial institutions – Access Bank Plc. and Verve Nigeria – both of which partnered with Konga to offer shoppers who make payments with their debit cards an extra 10 per cent discount on all their orders throughout the duration of Konga Yakata.
Access Bank also partnered with Konga to offer shoppers free delivery for the purchase and donation of food items for themselves and for their families, loved ones, the less privileged and communities across Nigeria under the Konga Kares CSR programme.
Other key partnerships which helped deliver an outstanding 2021 edition of Konga Yakata include those signed with brands such as Lenovo, HP, Coca Cola, Intel, Unilever, Zinox, Apple, Samsung, Haier Thermocool, Tecno, Asus, Vivo, iTEC and Infinix, among others.
‘‘Konga Yakata 2021 was a remarkable one for Konga as it went a long way in demonstrating the huge popularity Konga enjoys in the e-commerce space as arguably the most trusted brand.
“Although the management of Konga is yet to release official data, reliable information indicate that it was a record-breaking campaign for the company with over 180% growth,’’ the source revealed.
With Konga Yakata over, attention is now expected to turn to Konga Jara, an annual year-end promotion offering shoppers exceptional deals and huge savings on their yuletide
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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