Konga set to list on global stock market

A technology company, Konga, says it is planning to list on global stock markets as part of its expansion plan, after investing over $120m in Nigeria since it was acquired two years ago.

The Co-Chief Executive Officer, Konga, Nnamdi Ekeh, who made the disclosure recently, said: ‘‘Konga has received enquiries from the New York Stock Exchange, the London Stock Exchange and the Nigerian Stock Exchange to list on these markets.

“It’s something that will happen as part of our African expansion plan when Konga becomes a multibillion-dollar business.’’

Ekeh who recounted losses in the e-Commerce market as a result of the harsh business environment and poor infrastructure said: ‘‘Though we started with a monthly loss of N400m, with new systems, structure and energy put in place, we have gradually been reducing losses to about N100m loss per month.”

According to him, e-Commerce is an expensive project that Konga is “best positioned” to deliver as an innovative technology company.

Ekeh made the disclosure during a TV programme in Nigeria.

Describing Konga as a technology company with a lot of innovations, Ekeh explained that Konga employed directly and indirectly over 150,000 Nigerians, most of whom are merchants, logistics, and other service providers.

He added: “We partner to create a trusted and sustainable digitally-driven ecosystem and working hard to scale this to about 250,000 before the end of 2020.

‘‘We see ourselves as more than just an e-commerce company. Konga is a technology company and as a technology company, we are positioned to leverage that status in deploying new solutions and innovations.

“Konga starts launching space ships into orbit. Although we have received several offers from interested investors, we are content with the group that is currently funding Konga.

“The group is highly ethical and want us to maintain the highest level of integrity. Our investors have assured us of enough capital to survive the next five years at least. This was why we did not accommodate a valuation of $300m from a consortium of global investors last year.

‘‘However, we are also keen to expand into other African markets after taking charge of the Nigerian market. The e-commerce market in African is still a largely untapped one. Therefore, any company that makes the right in-roads will reap huge benefits from it.’’

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