Konga, Nigeria’s foremost retail giant, is set to become the first e-Commerce company on the African continent to turn profitable, a development that will change the outlook of the sector for good.
Former Vice President of Nokia and Co-Chief Executive Officer, Konga Group, Nick Imudia, who made the disclosure, said going by the huge strides recorded by the business within the past 12 months, it is clear that Konga would keep her promises to stakeholders by the 2021 financial year, noting that from then on, it will be huge profit.
“We understand this market more than any competitor and have been investing creatively nationwide to resolve issues like warehousing, delivery logistics andpayment headaches including working with Microsoft in the past five months to deploy the most robust technology platform that will manage our aggressive expansion.
“We are almost there and few weeks from now, the nation will start feeling the power of Konga before we start rolling out to other English-speaking West African countries,” Imudia said.
Imudia, who spoke to newsmen at the Lagos International Airport upon return from South Africa for a business summit, further disclosed that Konga is more than just an e-Commerce company and has grown more than 750 per cent since acquisition.
“There is no reason why Konga cannot emerge as the first profitable e-Commerce company in Africa. We are determined to set this record in the e-Commerce world. Over the past 18 months since the business was acquired by the Zinox Group, there has been a huge transformation which has repositioned Konga as one of the most viable ventures not just in Africa but globally, as justified by our elevated rating by Early Metrics,” he enthused.
Asked why Konga had not raised any form of capital from investors, Imudia noted that the management of the new Konga was more interested in restructuring and positioning the business on the path of consistent growth rather than rush to raise money.
“As you know our investors are people who take commercial decisions and are not into losing money as a lifestyle. The management of Konga has enough resources to drive the company’s ambitions of becoming number one in Africa. As a result, it is not looking to rush to take investor funds, even though we have received quite a number of very good offers from potential investors in the past few months.
“We want to make it profitable first and then invite value-adding investors, not just cash investors. I am sure you know the capacity of our investor, they are experienced, successful and have combined local knowledge and international network of over 35 years,” he said.