Broadcasting
Zinox Set to Acquire Jumia
Jumia, one of the major e-commerce players in the African market, appears to be battling severe headwinds after its share price – which once traded at record highs of $59.96 tumbling down and currently trading at less than $5 – prompting speculations of a loss of investor confidence and a surprise takeover by Sub-Saharan Africa’s leading tech conglomerate, the Zinox Group.
In April 2019, Jumia had listed on the New York Stock Exchange (NYSE) with an eye-catching IPO which witnessed share prices opening at $14.5 and rising as high as $26. However, two weeks after, a damning report by Citron Research had accused Jumia of fraud, describing its stock as worthless.
Specifically, the report had highlighted discrepancies in financials between investor presentations and SEC filings by Jumia, accusing its management of fraudulently inflating order numbers, while also labelling it a company burdened with inefficiencies.
Although Jumia denied any wrongdoing, the allegations from Andrew Left, founder of Citroen Research, resulted in a class-action lawsuit which Jumia recently settled out of court for $5m.
However, the debacle appeared to have seen investor confidence in Jumia take a huge bashing, with the likes of Rocket Internet and MTN Group, among others, exiting.
Several reports and articles in local and international media also detailed how the company which prided itself as the continent’s first unicorn fell from grace and how Jumia’s misadventure had tainted the potential of African e-commerce.
Now, confidential information from a few highly placed sources indicate that Chairman of the Zinox Group, Leo Stan Ekeh, is ramping up shares in Jumia indirectly for a possible acquisition.
Feelers say the serial digital entrepreneur, who is credited with pioneering e-commerce in Africa with his now-defunct BuyRight Africa over 12 years ago, is replicating the same strategy which he deployed successfully in acquiring Yes Mobile, a cosmopolitan high-value retail outfit, Ashour Corporation, a foremost telecommunications services provider headquartered in Dubai, UAE and more recently, Konga.
Ekeh acquired Konga, another latter-day e-commerce pioneer, at a dying stage in 2018 and turned it around to the point of profitability in barely three years, becoming the first e-commerce brand to achieve this feat which industry experts have termed a miracle.
Confidential sources claim Ekeh is supporting Konga’s massive investment in technology, logistics with a recent investment of over N4b and other infrastructure, including acquiring the single largest warehouse in Lagos, Port Harcourt, Abuja and Onitsha not too long ago, with the brand also attracting concrete interest from a horde of potential investors.
The Zinox Chairman, a restless but very passionate e-Commerce enthusiast, is rumoured by sources to be keen on consolidating the e-Commerce brand with a presence in 15 African countries under Konga to actualize his great but very silent ambition to alter the destiny of Africans.
Efforts to reach Ekeh, who is believed to be on a foreign trip, proved abortive.
However, when contacted, Gideon Ayogu, Head of Corporate Communications, Zinox Group, stated that while nothing positive is impossible, it would be a surprising development if the Group is intent on acquiring Jumia, especially considering the huge work put in by the new owners and current management of Konga in repositioning the brand to its current impressive trajectory.
‘’I am yet to hear Mr. Ekeh speak of any such potential investment,’’ he added.
Broadcasting
New WAEC Program Offers Faster Route for Students to Improve WASSCE Grades
West African Examinations Council (WAEC) in Ghana, has announced a new initiative, which will allow students to resit their WASSCE papers as early as January and February 2025.
This is a change from the norm in Ghana, where candidates had to wait for the next private exam cycle.
The Head of Public Affairs at WAEC, John Kapi, disclosed this while speaking on JoyNews’ AM Show in Ghana.
He explained that the new programme, referred to as WASSCE PC1, provides a faster route for students to improve their grades.
“Students who access their results now and realise they need to resit one or two papers have until 8th January to register online through our website or at WAEC-accredited internet cafés. The exams will take place from 24th January to 15th February 2025,” Mr Kapi stated.
According to him, to aid candidates in their preparations, WAEC plans to expedite the release of chief examiners’ reports, saying, “These reports will provide detailed feedback on where students may have gone wrong and how they can better approach their studies and the examination process.
“We’ve advertised this programme widely through banners, our website, and our results checker platform to ensure that both students and parents are aware,” Mr Kapi added.
He said students whose results have been cancelled are also eligible to sit the WASSCE PC1 exams, provided they have not been banned for some years for malpractice.
“For now, the exams will be conducted in regional capitals due to the limited number of candidates. Prospective participants are urged to complete their registration by the 8th of January to take advantage of this opportunity.”
WAEC, however, expressed optimism that this initiative will allow candidates to quickly improve their grades and qualify for the next cycle of admissions, avoiding a year-long delay in their academic progress.
Broadcasting
NBC Okays Radio Station for CMCM
Christ Miracle Church Mission (CMCM) in Ojodu Berger, Lagos, has received approval from the National Broadcasting Commission (NBC) to operate its new state-of-the-art radio station.
The commission said the radio was ready to commence transmission after expressing satisfaction with the facility.
Mr Raphael Akpan, zonal director, NBC, stated this while leading a team of officials on an assessment tour of the radio station.
During the visit, the officials inspected the studio area, the transmitter, the inverter, the mast, the generator, and other important places.
After the tour, the zonal director spoke with reporters and expressed his pleasure at the church being granted a broadcast license to operate a radio station. He noted that this would enhance the church’s voice in the community.
The director also mentioned that the purpose of his visit was to ensure that proper procedures are followed and that the content broadcast adheres to current laws.
Akpan praised Prophet Peter Abiola Adebisi, founder of the church, along with the church council for their initiative to establish the radio station.
“From our observation, we can say that the CMCM Champion broadcasting network 90.7FM is ready for transmission.
“It is our prayer that this radio station will go places,” he said.
The zonal director emphasized the importance of proper training for the personnel working at the radio station.
He encouraged them to familiarize themselves with relevant sections of the National Broadcasting Code to ensure they are well-informed.
It is vital for studio managers to engage in self-reflection regarding their adherence to the standards outlined in the Code.
“The operators in the studio should thoroughly understand the various sections of the NBC, which cover broadcasting standards, commercials, engineering, and more,” he stated.
Prophet Adebisi commended the NBC management for granting the church permission to operate the radio station.
He mentioned that the station would promote church programs and policies, share the CMCM story with the world, train members, who have a passion for broadcast journalism, and create employment opportunities for them, among other benefits.
Additionally, Adegbie Taiwo Jordan, chief executive officer of the station, assured that the operators would comply with all broadcasting regulations set by the regulatory agency.
Broadcasting
Afrobeats and Amapiano Lead Africa’s Musical Revolution
Africa’s music scene is no longer just a regional sensation, it has become the pulse of global pop culture.
As African music continues to enchant global audiences, Spotify Wrapped 2024 unveils the diverse range of genres that people now enjoy all over the world. While Afrobeats and Amapiano often dominate headlines, this year’s Wrapped data sheds light on other emerging sounds that define Africa’s music.
Reimagined histories
Hiplife and Highlife from Ghana, rooted in the country’s rich cultural history, remain highly exported due to their fusion of traditional Highlife melodies with contemporary beats that keep them globally relevant.
Artists like King Paluta, Fameye, and KiDi are leading the way in blending traditional Highlife melodies with modern sounds. Fameye’s Very Soon and King Paluta’s Aseda—a heartfelt song of gratitude—are examples of how the genre is evolving. Their fresh take on Highlife has helped drive a 54% increase in global streams, a sign of the genre’s appeal to both local and international audiences.
In Kenya, Arbantone, mainly characterized by beats from samples of Kenyan old school hits. This sound combines elements of Gengetone and old Jamaican riddims, led by a wave of young rappers who bring the raw lyricism of Gengetone. Captivating young audiences, Arbantone is quickly rising on local music charts.
Arbantone grew significantly in 2024, partially thanks to viral dance challenges on social media. Artists like Dyana Cods’ “Set It”, harnessed the genre’s infectious beats and catchy lyrics to connect with her fans. The song became one of the most popular Arbantone tracks in Kenya, securing the number 3 most streamed Arbantone track in Kenya as revealed by the 2024 Spotify Wrapped data.
Embracing experimental sounds
Nigeria’s Alté is becoming more popular abroad where it’s now the country’s fourth-most exported genre in 2024. Pronounced “uhl-teh”, a shorthand for alternative, you may have heard the experimental mix of Afrobeats, R&B, and hip-hop, with electronic influences on tracks like Soh-Soh by Odeal or Amaarae’s Wanted. The likes of Amaarae, Lady Donli and Odunsi (The Engine) paved the way for a new generation of artists like DEELA, DETO BLACK and brazy to tap into Alté’s rebellious, bold and unconventional brand of self-expression. The global success of Alté-influenced musicians like Tems, Rema and Odeal symbolises how the genre is taking its place in mainstream music culture. Countries like Ghana have embraced the sound with over 60 billion Spotify streams, and Alté now has 41% more global plays than it did a year ago.
South Africa’s Afro House, known for its deep rhythms and soulful vocals, has become a favourite in electronic music circles around the world. DESIREE and DJ Shimza have been instrumental in influencing the growth of Afro House. DESIREE sets blend African rhythms with modern electronic sounds, while DJ Shimza’s electrifying global performances have propelled the genre to new heights. As more artists from around the world incorporate African sounds into their music, the genre has influenced global dance floors.
Household names
Afrobeats continues to lead Africa’s music revolution, evolving rapidly and driving the movement forward. In 2024, the genre saw a significant 28% increase in global streaming. Tracks like Santa by Ayra Starr, Rauw Alejandro, and Rvssian highlight the genre’s versatility, while Calm Down by Rema and Selena Gomez underscore its widespread international appeal. Collaborations like Skillibeng and Tyla’s Jump, Gunna showcase Afrobeats’ adaptability and its growing dominance on global charts.
Amapiano, meanwhile, has emerged as Africa’s fastest-growing genre, with a phenomenal 59% increase in global streaming in 2024.
Another sign that the future of global music will undoubtedly feature even more beats, grooves, and melodies from the continent.
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