Konga Eyes Listing on NSE, LSE and NYSE

Konga is setting its eyes on listing in top global bourses as it seeks to expand its foothold and maintain leadership of the e-commerce space in Africa, according to Prince Nnamdi Ekeh, co-chief executive officer of the retail giant.

Ekeh, said the firm has received enquiries from the New York Stock Exchange (NYSE), the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) to list. “It’s something that will happen as part of our African expansion plan when Konga becomes a multi-billion-dollar business,’’ he said.

He said the firm has invested well over $120million since it was acquired two years ago in the country alone and now strategically structured to take on other African countries.

‘‘Though we started with a monthly loss of N400million, but with new systems, structure and energy put in place, we have gradually been reducing losses and now about N100million loss per month. E-Commerce is an expensive project but we are best positioned to deliver as a very innovative technology company,’’ he disclosed.

Ekeh  said Konga employs directly and indirectly over 150,000 local workers, adding that 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 funding Konga. The group is highly ethical and wants 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 $300million from a consortium of global investors last year.

‘‘However, 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.’

‘‘Our strategies and tact are 21st century influenced, but also taking cognizance of deficiencies in our country.”