Broadcasting

Zinox Says it is Not Ready for Jumia Acquisition

Published

4 years ago

May 24, 2022

Kindly share this post

While there may been some substance to the rumoured acquisition of pan-African e-commerce brand, Jumia by Sub-Saharan Africa’s leading tech conglomerate, the Zinox Group and to possibly merge it with Konga, there is currently no concrete interest.

This was revealed by Gideon Ayogu, Head of Corporate Communications, Zinox Group, in a virtual chat with newsmen on Saturday, May 21, 2022.

Last week, a series of trending media reports in local and international media had suggested that a potential acquisition of Jumia by the Zinox Group may be on the cards, with rumours suggesting that Chairman, Zinox Group and Forbes Best of Africa leading tech icon, Leo Stan Ekeh, had been indirectly ramping up stakes in Jumia, preparatory to a takeover bid.

These speculations had seen investors increase their buying interest in the firm which effectively contributed to shoring up the value of Jumia shares. It rose 14.8 percent last Friday, opening at $5.13 per share and closing at $5.89 per share and currently trading at a little under $7 on the New York Stock Exchange (NYSE).

However, Ayogu has now addressed the acquisition rumours, disclosing that it must have been caused by a premature leak.

‘‘Truth is, there is no smoke without fire. The frenzy of media anticipation and rumours of a likely acquisition may not have been wrong but there must have been a leak somewhere and a misrepresentation of the core intention.

‘‘At the risk of sounding immodest, it is something that is certainly not impossible in a couple of years’ time but certainly not now, as the global tech economy will sweat a bit for the next 12 months. In a major development such as this, there must be first, an offer and an acceptance. But the leak came too early. I can confirm that there is currently no discussion at Board level on this and there is no urgent need for a Jumia acquisition,’’ he clarified.

“On the impressive trajectory of Konga, a rival e-commerce firm acquired by the Zinox Group in 2o18 at an almost market-exit stage and which barely three years later has been transformed into a profitable entity, the first e-commerce brand to achieve the feat in Africa, Ayogu disclosed that a lot of investments is at present ongoing to further deepen its strong foothold in the market.

‘‘E-commerce globally is an expensive project. But I can confirm that Konga investors are not just passionate but are presently making huge investments across strategic verticals of the business.

‘‘With respect to Konga, it is an ambitious project for Africa and by those who understand Africa, so the management is taking one step at a time to build a true e-commerce company with capacity, global trust and respect.

‘‘Konga is today building a flourishing ecosystem of its own and with a vibrant mobile money platform to boot. I can assure you that we have a lot to announce within the next three months and you shall be appropriately informed and no speculations please,’’ he concluded.

Kindly share this post

Up Next

Progress Chukwuyem Wins Nigerian Idol Season 7

Don't Miss

Konga Food Goes Live, Offers Customers Free, Fastest Delivery, other Incentives

Ugo Onwuaso

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

Comments

Broadcasting

EFCC Arik Case: Witness Testifies on Receiver Manager Nominee’s Role in NG Eagle Shareholding

Published

23 hours ago

December 9, 2025

Ugo Onwuaso

Kindly share this post

The 4th prosecution witness in the ongoing trial of former AMCON Managing Director, Ahmed Kuru, on Monday continued to give the Special Offences Court in Ikeja, Lagos, ‘fresh insight’ into how the structure and equity of NG Eagle Airlines was set up.

EFCC Arik

In his testimony, Kaltungo testified that this arrangement entails the Receiver Manager’s nominee having a shareholding arrangement of NG Eagle of “one unit within a billion-share structure,” as part of the findings that emerged during the Economic and Financial Crimes Commission’s investigation.

The development surfaced as EFCC Investigative Officer, Bawa Usman Kaltungo, continued his examination-in-chief led by prosecution counsel, Dr. Wahab Shittu, SAN. Kaltungo told the court that the financial trail uncovered by investigators showed how funds allegedly belonging to Arik Air Limited were unaccounted for while NG Eagle was being established.

Kaltungo also, in the course of his testimony, sought to mislead the Court to believe that the 1st Defendant sold NG Eagle shares solely and unilaterally as a Receiver holding majority shares in NG Eagle, when in fact he is just a nominee with a single unit of share, as AMCON, the corporation that appointed him, holds majority shares in NG Eagle.

Even though his testimonies were made with the support of a few documents admitted in evidence, Kaltungo still was not able to establish a nexus of any act of omission on the part of the accused persons to establish fraud or crime in the management of Arik’s loan.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited before Justice Mojisola Dada. According to the witness, the statement of Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how the defendants allegedly moved N4.5 billion from Arik to fund NG Eagle, an airline he said was controlled by the defendants. He further testified that Omokide and Ilegbodu allegedly worked with Kuru to funnel a total of N4.9 billion from Arik’s coffers to manage and fund operations of the new airline.

Kaltungo added that beyond the cash transfers, Arik staff were also moved to NG Eagle even though the new airline was set up while Kuru was still AMCON MD, and Omokide served as AMCON’s Receiver Manager. He said salary payments and operational expenses for the newly formed NG Eagle were borne by Arik Air Limited.

During proceedings, the court admitted a CTC of an ex parte order, which the prosecution termed as the only document authorizing the appointment of the RM over Arik and marked the same as P17, along with other exhibits—P18, P25, P26, P44, and P45—including. photographs and videos in a flash drive containing footage of alleged vandalised aircraft were played in court, but the Prosecution again failed to establish a nexus as to whether those aircraft indeed belonged to Arik.

Meanwhile, counsel for the second and third defendants applied for the release of their clients’ passports for renewal and medical purposes. Justice Dada granted the requests on the condition that the documents be returned to the court registry no later than January 2, 2026.

The matter was thereafter adjourned to February 25 and 26, 2026, for continuation of the trial and Examination-in-Chief of PW4

Kindly share this post

Broadcasting

NIPR Postpones Maiden PRICE Awards to January 25, 2026

Published

4 days ago

December 6, 2025

Ugo Onwuaso

Kindly share this post

Nigerian Institute of Public Relations (NIPR) has announced the postponement of its maiden annual Public Relations, Reputation, Ideas, Concepts and Excellence (PRICE) Awards and Prizes to January 25, 2026.

NIPR

The event, earlier scheduled for December 7, 2025, was deferred to accommodate stakeholders whose observance of Christmas festivities had commenced earlier than expected.

Chairman of the Organising Committee, Mr. Israel Opayemi, urged stakeholders to note the new date and prepare to participate in the ceremony.

He said the awards would motivate professionals, practitioners and scholars, while enhancing Nigeria’s global competitiveness in the public relations ecosystem and strengthening brand equity for all stakeholders.

Opayemi reaffirmed the Committee’s commitment to delivering a best-in-class award administration and ceremony, describing the PRICE Awards as a credible and enduring platform to identify, celebrate and elevate outstanding individuals, campaigns and organisations shaping the public relations landscape across sectors.

The development of the PRICE Awards peaked in September 2025 when the NIPR President and Chairman, Council, Dr. Ike Neliaku, inaugurated a 12-man committee to organise the maiden edition. The inauguration followed the Council’s adoption of the report of a technical team tasked with establishing the awards.

Kindly share this post

Broadcasting

Netflix Seals $82.7bn Deal to Acquire Warner Bros., HBO Max

Published

4 days ago

December 6, 2025

Ugo Onwuaso

Kindly share this post

Netflix has announced a landmark agreement to acquire Warner Bros. and HBO Max in a transaction valued at $82.7 billion, a move analysts say will reshape the global entertainment industry.

Netflix

The deal, which includes Warner Bros.’ film and television studios, HBO, HBO Max, and Warner Bros. Games, was unanimously approved by the boards of both companies. Under the terms, Warner Bros. Discovery (WBD) shareholders will receive $23.25 in cash and $4.50 in Netflix shares for each WBD share.

Netflix co-CEO Ted Sarandos described the acquisition as “a defining moment” for the streaming giant, noting that the company intends to maintain Warner Bros.’ current operations while expanding its production capacity.

“By combining Warner Bros.’ incredible library of shows and movies with Netflix’s culture-defining titles, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.

The transaction is expected to close within 12 to 18 months, following the planned spin-off of WBD’s TV networks division, Discovery Global, in 2026. Netflix projects annual cost savings of $2–3 billion by the third year after completion and expects the deal to be accretive to earnings per share by year two.

Industry groups, including the Directors Guild of America and Cinema United, have raised concerns about the impact on movie theaters, while regulators are expected to scrutinize the deal over antitrust issues. Netflix has pledged to continue supporting theatrical releases, with Warner Bros.’ cinema commitments running through 2029.

Warner Bros. Discovery CEO David Zaslav hailed the agreement, saying it “combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love.”

Observers note that the acquisition comes 15 years after former Time Warner chief Jeff Bewkes dismissed Netflix as “the Albanian army,” underscoring the dramatic shift in the entertainment landscape.

Kindly share this post