E-commerce company Konga claims to have invested over US$120-million since being acquired two years ago in Nigeria, and believes it is now strategically structured to engage other African countries, with plans to leverage listing on global stock markets as part of its expansion strategy.

In an interview broadcast on a programme called Kaleidoscope Co-CEO Konga Group, Prince Nnamdi Ekeh, said: “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,’’ he said.

‘‘We have also 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 multi-billion-dollar business.’’

He added: ‘Though we started with a monthly loss of N400m, but with new systems, structure and energy put in place, we have gradually been reducing losses and now about N100m loss per month. E-Commerce is an expensive project but we are best positioned to deliver as a very innovative technology company.”

Ekeh described Konga as a technology company that employs directly and indirectly over 150,000 Nigerians. Most of them are merchants, logistics and other service providers.

‘‘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. Indeed, no one should be surprised if tomorrow, 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.

Ekeh added: ‘‘Our strategies and tact are 21st century influenced, but also taking cognisance of deficiencies in our country and that was why we spent the first two years rebuilding technologies, setting up secure but robust warehousing facilities and delivery logistics nationwide. With these under our control and owned by us, we are driving towards profitability. It is important to note that at Konga, we do not believe in just hype

‘‘In addition to our status as a technology company, Konga is also Nigeria’s first ever marketplace and composite e-commerce group. The company is on the verge of rolling out a suite of cutting-edge solutions and services that will excite the market very soon.

Acquired by the Zinox Group in December 2018 and having achieved over 1000% growth, Konga has grown from a position of strength into arguably Nigeria’s leading e-Commerce brand, with a long list of innovative strategies and solutions setting it apart in the sector.

In early July 2020 the company announced that it would revive its reseller scheme YUBOSS with the launch of Konga Affiliate, targeted at Nigeria’s unemployed.