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E-Business

Konga Eyes $10m Daily Turnover by 2024

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Konga, eCommerce giant,  has revealed that the business will hit the $10 million daily turnover mark by 2024.

Konga Eyes $10m Daily Turnover by 2024

To realise the target, Konga has disclosed that the growth trajectory and overall operational efficiency backed by the consistent reduced losses it has witnessed are critical factors in the projections.

Making known the brand’s ambitious plans Nick Imudia, Co-CEO (Online), Konga, who also revealed that Konga has put necessary machinery in place to achieve the goal. To this end, he stated that Konga would work assiduously to reach a target of $5 million daily turnover by 2022 as preparation towards realizing the $10 million set target by the end of 2024.

Since its entry into the Nigerian e-commerce market as one of the foremost pioneers in the sector, Konga has stood out; with its several revolutionary strides ultimately catapulting it to pole position. Today, Konga unarguably occupies leadership of the Nigerian e-commerce sector being largely responsible for restoring investor and customer confidence after a testy 2019 marred by allegations of fraud that trailed the activities of another major player.

Imudia said: “Konga has used the last decade to lay a solid foundation for e-commerce business in Nigeria and to build trustworthy relationships with customers and potential investors across the Nigerian business spectrum. With the high level of trust the brand has gained among shoppers in and out of Nigeria, it is safe to say Konga is ready to scale big in the early part of this third decade. Therefore, we are targeting a $10 million daily turnover by 2024. We shall attain half of this target at least by 2022. To meet this target, we would be relying on the efficiency we have brought to bear on the business and the renewed confidence the Konga brand enjoys among critical stakeholders.

“There is no iota of doubt that Konga remains in prime position to attain this target, especially when one looks at the consistent growth the brand has recorded in the past years. Konga has grown over eight times since the business was acquired by the Zinox Group.  Secondly, we have consistently reduced our losses by nearly 70%. Added to this is the addition of new and thriving business units such as Konga Travel, among others, all of which have enjoyed huge growth and massive acceptance by our rapidly expanding customer base.

Konga, which remains the only e-commerce brand in Nigeria operating an omni-channel structure, currently has more than 30 stores across Nigeria. With the aid of KongaPay, a Central Bank of Nigeria (CBN) licensed payment platform, which recently added Automated Teller Machine (ATM) card-less withdrawal and Unstructured Supplementary Service Data (USSD) features, Konga has captured more Nigerians in the e-commerce net; while lending an unprecedented level of ease and refinement for online shoppers across the e-commerce landscape.

Imudia also disclosed that Konga, which has won several awards in the e-commerce industry, has made significant strides in resolving the challenge of logistics through K-Xpress, its in-house logistics company, which has proven its capacity to handle hassle-free, last-mile and same-day delivery to the company’s teeming customers, while also resolving logistics thorny issues for external customers.

Furthermore, he revealed Konga state-of-the-art regional warehousing facilities, which enables it to retain huge inventory in diverse states and locations, while fulfilling costumers’ orders in the shortest possible time, are a critical success factor in its revenue ambitions.

“Furthermore, we are not relenting on our determination to continually meet and exceed the aspirations of our numerous customers, no matter who they may be and where they may be. In addition to this, we shall continuously grow investor confidence in Nigeria’s e-commerce sector and help everyone to see the brighter side of e-commerce business in Nigeria, even as we consistently explore ways of ways of upgrading our processes and raising the standard of service delivery and customer satisfaction in the sector.

‘‘We will be rolling out additional new business units in the weeks and months ahead. These additions will excite our customers and expand the Konga retail revolution to new verticals. To make the shopping experience a memorable one for our customers, we have also lined up various value-adding services and promotions throughout the year. These assets and many others too numerous to mention will shape the Nigerian e-commerce sector in 2020 and the succeeding years,’’ he concluded.

 

 


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E-Business

Domain of Deception as Attackers Deploy Spyware Under Guise of Legal Threats

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Kaspersky has detected a rapidly escalating malicious campaign that has targeted over 1,100 corporate users since June 2025. The attackers pose as a legal firm and in their emails threaten recipients with lawsuits over alleged domain name patent violations, aiming to deploy malware.

Victims who opened and launched the attached files – that mimicked legal documents – had a Trojan installed on their devices, and the attackers could spy on the content of their screens. Organisations across healthcare, finance, and education sectors have been targeted.

The campaign began with 95 emails on June 11 and has since continued to escalate. Apart from claiming that the recipient’s domain name violates patented combinations of a major brand and threatening litigation, in the email the fake legal bureau also expresses the patent holders’ interest in acquiring the domain and offers getting acquainted with the details of the alleged violations by opening the attached archive with “documents”.

It is worth noting that the attackers, likely to avoid detection, attach an archive that is not password protected, and inside it includes another archive that is password protected and a file containing the password along with it.

After the user entered the archive password and clicked on the alleged legal document inside, a Trojan was installed on the device. The user saw a message displayed that read, “This document cannot be opened on this device. Try opening it on another windows device,” and simultaneously the Tor Browser was covertly downloaded and installed in the background.

Through it, the malware regularly sent snapshots of the user’s screen to the attackers over the Tor network. The malware also autostarts whenever the computer is restarted.

“This campaign is a sophisticated blend of psychological manipulation and technical deception, leveraging fear of legal action to coerce businesses into executing harmful files hidden in attached archives. Its rapid growth since June 11 underscores the urgency for organisations to bolster defenses.

Victims face the risk of losing their private data. Robust email security, employee training, and swift incident reporting are essential to counter this evolving threat,” comments Anna Lazaricheva, spam analyst at Kaspersky.

 


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E-Business

Global Crypto Heists Surge to $2.1Bn in H1 2025 as Digital Assets is Weaponised

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In a sobering revelation of the evolving threat landscape facing the digital asset ecosystem, blockchain intelligence firm TRM Labs has disclosed that over $2.1 billion worth of cryptocurrency was stolen in the first half of 2025 alone, spanning at least 75 high-profile hacks and exploits.

Global Crypto Heists Surge to $2.1Bn in H1 2025 as Digital Assets is Weaponised

This staggering figure marks a 10 per cent surge over the previous first-half record set in 2022 and nearly eclipses the total stolen in all of 2024.

But beyond the monetary scale, the report reveals a deeper concern: a growing trend of state-sponsored cyber aggression weaponising  crypto assets for strategic and geopolitical purposes.

The most devastating breach to date occurred in February when Dubai-based exchange Bybit lost $1.5 billion—the largest  crypto heist in history.

TRM Labs attributes the attack to North Korean state actors, noting that the incident alone accounted for nearly 70 percent of total losses during the period and doubled the average hack size to $30 million.

“The Bybit hack redefined the threat landscape,” the report stated.

“It exemplifies how digital asset theft has transcended criminal opportunism and morphed into a tool of statecraft.”

Indeed, North Korea-linked entities were responsible for an estimated $1.6 billion of the total stolen, further entrenching Pyongyang’s status as the most prolific nation-state threat actor in the crypto sphere.

Yet the menace is diversifying. On June 18, Iranian crypto exchange Nobitex was breached for over $90 million by a group reportedly linked to Israel, Gonjeshke Darande (Predatory Sparrow).

Unusually, the stolen funds were routed to unusable vanity addresses, underscoring symbolic and political motives rather than financial gain.

TRM Labs flagged this as a “disturbing shift,” with digital asset theft increasingly deployed as a weapon in asymmetric geopolitical conflict.

The report also found that more than 80 percent of losses stemmed from infrastructure breaches, including private key theft, seed phrase leaks, and front-end compromises— attacks typically ten times costlier than other vectors.

Meanwhile, DeFi exploits such as flash loan manipulations accounted for 12 percent of losses, reflecting persistent smart contract vulnerabilities despite years of scrutiny.

As digital currencies become enmeshed in global rivalries, TRM Labs warns that conventional cybersecurity approaches are now inadequate.

“Massive breaches, often tied to nation-state operations, require a new defence paradigm,” the firm asserted, urging industrywide adoption of advanced safeguards and cross-border collaboration among regulators and law enforcement.


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E-Business

CAC Launches AI-powered Business Registration Portal

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Corporate Affairs Commission (CAC) has inaugurated the pilot take-off of its new Artificial Intelligence (AI)-powered registration portal.

CAC Launches AI-powered Business Registration Portal

A statement issued by the commission explained that Malam Hussaini Magaji, registrar-general of the CAC, made the announcement during the 2025 Stakeholders Forum in Port Harcourt.

According to him, “the initiative is a major milestone in Nigeria’s business facilitation drive.”

The Registrar further explained that the upgraded portal marks a complete overhaul of the Company Registration Portal (CRP), saying that it comes with advanced features designed to simplify and speed up business registration.

The new system, according to him, allows for instant name reservation approvals, likening the ease to creating an email account, and stressing that the AI-powered platform could suggest available alternatives to business names and approve them immediately.

Another innovation, he stated, is the ability to register a business using only the National Identification Number (NIN) of a director or proprietor, pointing out that there is an ambitious target of completing business registration and certificate generation within 30 minutes, subject to real-time NIN validation.


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