Konga, Yudala confirm merger
20 April 2018
Konga, Nigeria’s online mall, and Yudala, Africa’s pioneer composite e-commerce company, have officially announced a merger of their operations effective May 1, 2018.
The merger will see both companies operate under the Konga brand name.
At an event to announce the merger on Sunday, the management of the two companies stated that the strategic business move would ensure that Konga becomes the biggest organised retail and e-commerce/marketplace outfit in Africa.
The Punch had exclusively reported an imminent merger between Konga, which was acquired by the Zinox Group earlier this year, and Yudala.
It was gathered that the Konga business platform would include two distinct but fully integrated aspects of Konga Online, the e-commerce/marketplace platform; and Konga Retail, the offline arm of the business.
The management of the companies said that both would be supported by Konga Pay, a Central Bank of Nigeria-licensed mobile money platform, and Konga Express, a world-class logistics company with advanced delivery capabilities for internal and external customers.
The Chairman, Konga, Olusiji Ijogun, said, “Combining forces to power the new Konga will enable us to effectively achieve our goals of platform expansion and accelerated growth, as we embark on an ambitious journey to redefine the retail ecosystem with the industry’s most advanced technology.
“Effective from May 1, Yudala will now operate under the name of Konga with dual CEOs in the persons of Nick Imudia, who will be in charge of online, among others; and Prince Nnamdi Ekeh, who will be responsible for offline. This merger will strengthen our position in the Nigerian retail market as we creatively position Konga as the first profitable e-commerce company in Africa.” Read the full article on Punch here.