Broadcasting
Zinox Says it is Not Ready for Jumia Acquisition
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.
Broadcasting Organization of Nigeria (BON) has established six committees to help strengthen and modernize the country’s broadcasting industry.
The committees will focus on content creation, skills development, digital transformation, sustainability, policy and commercial opportunities
The initiative aims to support industry growth and improve collaboration between broadcasters, regulators and media experts
The official launch recently, was led by Tony Akiotu, president, BON and attended by media professionals, program directors, former journalists and heads of specialized media organizations.
The event brought together several prominent figures in Nigeria’s media industry, including veteran broadcaster and trainer Bimbo Oloyede, Tony Uyah of M4S TV, Kingsley Uranta of Channels Television, Ismael Sani of Platinum TV and Ibrahim Shehu of Trust TV.
Together, they are expected to help drive innovation and support the growth of Nigeria’s broadcasting sector.
According to Akiotu, the committees are intended both to help shape industry policy and to provide a forum for dialogue between BON and broadcasting experts.
Akiotu said the ad hoc committees were intended to strengthen BON’s work and ensure that the umbrella body for Nigeria’s broadcasters played a more direct and meaningful role in developing the country’s broadcasting sector.
The six committees reflect the sector’s main priorities. The first focuses on collaboration and innovation to promote content creation.
The second is dedicated to training and talent development, while the third focuses on industry sustainability by improving the sector’s long-term financial viability.
A fourth committee will focus on digital transformation and work with the National Broadcasting Commission (NBC) on regulatory issues.
The remaining two committees will oversee public policy advocacy and the development of sports and commercial rights to help broadcasters increase revenue and attract more investment. Together, the committees are expected to guide BON’s efforts to modernize and strengthen Nigeria’s broadcasting industry.
The committees, chaired by members of BON’s General Assembly and supported by the organization’s Secretariat, have an initial 12-month mandate that may be renewed if necessary.
They are required to submit a progress report within three months and implement approved recommendations within the following six months.
The arrangement is intended to ensure close oversight and the timely implementation of their work.
Akiotu also reminded committee members that Nigeria pioneered television broadcasting in Africa and urged them to carry out their work with greater effectiveness and efficiency.
Nigerian Education Loan Fund (NELFUND) says it is investigating about 34 tertiary institutions over allegations that they failed to refund students whose tuition fees were paid twice under the Federal Government’s student loan scheme.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this during an interview on Arise Television.
Sawyerr said the agency had deployed a five-member investigative team, including operatives of the Economic and Financial Crimes Commission (EFCC) and internal auditors, to examine the allegations.
According to him, the investigation was prompted by numerous complaints received from affected students.
“As of right now, there are 34 institutions that we are looking at closely with respect to this issue,” he said.
Sawyerr explained that the double payment issue arose because President Bola Tinubu directed that the student loan scheme commence in the middle of an academic session instead of at the beginning.
He said the decision compelled many students to pay their tuition fees to meet registration deadlines while awaiting approval of their loan applications.
“What happened is that a lot of schools got double payment; some from the students and some from us,” he said.
“The refund process is entirely out of our hands. It is the recipient of the double payments that is obliged to make refunds to the students.”
The NELFUND boss noted that many students had borrowed money from family members, friends and other sources to pay their tuition with the expectation of receiving refunds once the loans were disbursed.
He said while some institutions had promptly refunded affected students, others had failed to do so.
“Some have been very good at this. Others haven’t been so good at it,” Sawyerr said.
“I reserve judgement on the intentionality around it because, for some of them, they just didn’t have the process to make refunds.”
Sawyerr disclosed that NELFUND was exploring a tokenised payment system that would enable students to authorise tuition payments directly to their institutions, thereby reducing the likelihood of duplicate payments.
He said the agency deliberately chose not to disburse tuition loans directly to students to minimise the risk of fund diversion.
“Paying the funds to the students could really lead to the temptation for them to divert and do other things,” he said.
The managing director, however, acknowledged that NELFUND lacked the statutory powers to compel institutions to refund students or prosecute officials found culpable.
He added that many frustrated students had submitted complaints not only to NELFUND but also to anti-corruption agencies, including the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Sawyerr also expressed concern over increases in tuition fees by some institutions following the introduction of the student loan scheme.
He said NELFUND had declined to pay institutions that increased their tuition fees beyond acceptable levels.
“Some schools, because they get paid easily, started to put up their fees. We refused, point blank, to pay institutions who had hiked their fees beyond a certain level,” he said.
He reaffirmed the agency’s commitment to investigating every reported irregularity and strengthening the implementation of the student loan programme through continuous monitoring and internal reviews.
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