General News
A call for Better Compliance to News Media Ethics: The Case of the Rumoured Acquisition of Jumia by Zinox
By Adeola Olanloko
Last week, Nigeria’s business media was awash with the speculation that Leo-Stan Ekeh, the chairman of Zinox Technologies and owner of the Konga e-commerce platform is on his way to acquiring Jumia Technologies, Africa’s leading e-commerce platform.
According to Nairametrics, an online business journal, Ekeh “has been scooping Jumia shares indirectly suggesting a possible acquisition could be in play if the opportunity arises.”
In the same report, Nairametrics quoted the Head of Corporate Communications for Zinox Group, Gideon Ayogu, who refused to confirm or deny the takeover move, as saying that “nothing positive is impossible.”
In a statement signed by Jumia Nigeria, the company said that they do not comment on speculations, noting that such a bid must comply with the rules and conventions as stipulated by the New York Stock Exchange (NYSE) laws.
“As per US Securities Law, shareholders must disclose any shareholding above a 5% threshold and so far we are yet to see any such disclosure. We are focused on executing on our strategy to scale the business towards profitability.
And as you can see from the Q1.22 results released on Tuesday, we made very good progress on this front. The fundamentals of the business are very strong, we posted the fastest GMV, Order and Revenue growth rates of the past 9 quarters,” the statement read.
How does one acquire a publicly listed company?
Who takes over companies on the pages of the newspaper? A look at how the stock market works shows that there are laid down procedures for the acquisition of a quoted company . A quoted company refers to any company whose shares are listed on a Stock Exchange – local or international. Jumia Technologies is listed on the New York Stock Exchange (NYSE)
One of the ways to achieve such a takeover/acquisition is by Management buyout. It is called a Management buyout in the instance that the Management owns a significant stake in the company such that acquiring the shares owned by Management takes the acquirer close to a controlling stake (50% plus one share of the company).
Typically the acquiring company/individual enters into an agreement with the owners of the company to buy controlling shares of the company at a given price. The Board/Management of the company targeted for acquisition will facilitate the negotiations between the company’s shareholders and the proposed buyer.
This process is what Standard Bank, owners of the Stanbic Bank brand, used to acquire IBTC in September 2011 and is what is being played out between Elon Musk and Twitter. Jumia’s statement indicates no such discussions were held with Zinox.
Another route is for an entity to scoop up shares from the floor of the exchange where the stocks are listed. These stocks are called over-the-counter (OTC) stocks because you can buy and sell them through most major online brokers. This was the route Heirs Holdings used to acquire a significant stake in Transcorp Plc in April 2011.
At Jumia’s current market capitalization, excluding any premium existing shareholders may demand, we estimate that to scoop up 51% of the company shares will require a minimum investment of over $350 million or N203 billion.
Possibly the price will be higher if an average of the stock price in the past 12 months is used as a benchmark. If such an over the counter transaction in a single stock were to take place on the New York Stock Exchange, market watchers would have noticed the activity in the stock and would not rely on Nairametrics to bring it to their attention. Here the reporter overreached himself.
Typically before launching such an acquisition bid, the acquirer already owns significant shares in the company. Elon Musk for example owned 9.2% of Twitter stock before his acquisition bid and his aggregate stock holding was duly declared as required by the rules of the US Securities and Exchange Commission (SEC)
The SEC law stipulates that anyone who hits an aggregate five percent shareholding threshold must declare it to the Exchange. It is what applies in most international Exchanges, including the Nigerian Stock Exchange.
Failure to comply with this law is considered a violation of Securities law. Going by the statement from Jumia, there has been no such disclosure yet. We doubt that a very savvy investor like the Chairman of Zinox would have acquired shareholding in Jumia Technologies above this 5% threshold without disclosing it, given the implications of non-disclosure.
Is this a case of careless reporting and lack of due diligence?
Media analysts are thus suspecting that given Jumia and Zinox are well known brands in the Nigerian market, the story may have been spun purely for its sensational value to drive clicks without thought on how it might affect stakeholders in the two companies, investing public and other critical stakeholders.
Jumia released its Quarter 2 financials on May 10th to Analysts and the Media. All listed companies are required to release their quarterly results to Analysts and the Media and Jumia publicly announced this date on its website in advance.
The company reported posting the fastest GMV, order and revenue growth rates of the past nine quarters and this is possibly what drove the uptick in the stock price following its Earnings release not the rumour!
Notwithstanding any future activity on Jumia Technologies stock, this particular story appears not to have been well researched and subjected to proper due diligence before it was published and this verges on carelessness and lack of respect for the reading public.
Sensational titles always drive clicks for digital media but spending credibility just for a few more clicks is a bad trade and harms all digital newspapers. It is time for professional media practitioners to encourage compliance with ethics and tighten the rules either through private digital media group initiatives. Otherwise, we will give room to the government to intervene.
Adeola Olanloko, a business analyst writes from Lagos.
Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
The trial of three employees of Wema Bank Plc and four others accused of orchestrating N8.9 billion cyber heist has been stalled due to the Eid-el-Kabir public holiday.
Economic and Financial Crimes Commission (EFCC) had arraigned the bank staff—Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim—alongside four alleged accomplices: Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos on May 25, 2025.
The seven defendants face an eight-count charge bordering on conspiracy, cybercrime, and obtaining money under false pretences. They were accused of hacking into Wema Bank’s computer systems in January 2025 and unlawfully transferring N8,568,090,500 to various accounts.
According S.O. Larry Peters, counsel, EFCC, the defendants acted in concert with two other suspects—Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large. The syndicate allegedly manipulated the bank’s data using sophisticated digital tools to cause financial loss and confer illegal economic gains on themselves.
Peters further revealed that two of the defendants—Hannah Okunlola and Sunday Osademe—provided personal bank accounts for the illicit proceeds. Investigators traced N199 million to Okunlola’s UBA account registered under Search Light Media Concept, and N2.25 million to Osademe’s Union Bank account.
The offences, according to the charge sheet, violate Sections 6(2), 8, 14(1), 14(5), and 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as well as Sections 17(a)(b) of the EFCC Establishment Act, 2004.
All seven defendants pleaded not guilty. Following their plea, the court remanded five of the accused in the custody of the Nigerian Correctional Services, while Kingsley Kejim continued on existing bail terms.
The court granted a special request by defence counsel to remand Hannah Okunlola in EFCC custody due to medical concerns.
Justice Aneke had adjourned the matter to June 6, 2025, for commencement of trial. However, due to the nationwide Sallah holiday declared by the federal government, the proceedings could not go ahead as scheduled.
A charge reads: “That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and others now at large, in January 2025, conspired to alter Wema Bank data to cause the loss of N8.568 billion in order to benefit economically, thereby committing an offence under Section 27(1)(a) of the Cybercrimes Act, 2015.”
The case has drawn significant attention as one of the most audacious cybercrime cases involving bank insiders in Nigeria’s recent history.
The 2025 Ojude Oba celebrations kicked off on Friday evening with “Evening with Glo,” a special event organized by Globacom and headlined by Juju music legend Evangelist Ebenezer Obey Fabiyi and Fuji maestro Wasiu Ayinde Marshall (KWAM 1)
This year marks a significant milestone: Globacom’s 20th anniversary as sponsors of the Ojude Oba festival, an event it has helped transform into a globally recognized cultural spectacle.
The “Evening with Glo” was a vibrant mix of live music, delicious food, and captivating comedy from Gbenga Adeyinka, Bash, and Kiekie. The Conference Hall venue was packed as guests enjoyed more than two hours of Ebenezer Obey Fabiyi’s timeless hits, with the audience singing along and dancing.
Globacom organized the event as a gesture of appreciation to the Ijebu community for their unwavering support over the past two decades of the Ojude Oba festival. “We decided to bring together great sons and daughters of Ijebuland to celebrate our shared heritage, and indulge in the melodious rhythms that resonate deeply throughout Yorubaland,” the company stated.
The company explained their choice of musical icons, noting that the “ageless icon and Juju music maestro, Chief Commander Ebenezer Obey, has contributed decades of good, sonorous and philosophical songs to our society. His songs are still as fresh and full of inspirational messages as they were yesterday.”
Regarding KWAM 1, the company highlighted that “For decades, King of Fuji, K1 De Ultimate, the Fuji master, has been a great part of the music firmament in Nigeria, with his unique brand of Fuji that has elicited huge interest.”
The event saw a strong turnout of prominent Ijebu figures, including the Olori of Oba Awujale, Chief Mrs. Olukemi Adetona; the Coordinator of Ojude Oba Festival Planning Committee, Professor Fassy Yusuff; and a committee member and Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun.
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