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Why and How Zinox Bought Konga

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Zinox Group, an integrated Information Communication Technology (ICT) solutions conglomerate and Original Equipment Manufacturer (OEM), may have bought Konga, e-commerce giant to relaunch itself into the e-commerce space.

 

The Zinox Group had pioneered e-commerce in Nigeria with the launch of BuyRight Africa.com which struggled to cope with the absence of credit card and e-payment infrastructure over 12 years ago.

 

The landmark acquisition is expected to raise the profile of e-commerce in the country

 

According to with knowledge of the deal, Zinox Group, acquired the majority shareholder in Konga, after months of strategic negotiations with foreign investors Naspers and AB Kinnevik.

 

Naspers is a South Africa-based multinational internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.

 

The acquisition is also understood to have passed all regulatory approvals by the Securities and Exchange Commission (SEC).

 

Details of the mega deal indicate that the Zinox, will assume ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers and rated as one of the best mobile money channels in the country as well as KOS-Express, a digitally-driven and world class logistics company with advanced delivery capabilities for Konga and other structured companies nationwide.

 

The landmark acquisition is seen by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.

 

In 2017, retail e-commerce sales worldwide amounted to 2.829 trillion US dollars while e-retail revenues are projected to grow to 4.48 trillion US dollars in 2021.

 

Coming at a time when global e-commerce spending is expected to top previously unheralded levels, the acquisition is widely expected to reposition Konga for a greater share of the e-commerce purse in Nigeria and beyond.

 

The acquisition is also expected to create employment opportunities for over 5000 Nigerians, both at home and in the Diaspora.

 

Gideon Ayogu, head of Corporate Communications at Zinox Group, who confirmed the development, disclosed that the organization is keen to take e-commerce in Nigeria to hitherto-unprecedented heights.

 

“We have always had an interest in Konga and another big one you know very well but our priority was Konga first because of her integrated nature of four quality companies in one,” he disclosed. “Konga is a world-class, professionally-run company whose landmark strides in the sector has gone a long way in ushering millions of Nigerians into the ease and convenience of online shopping and boosting the conduct of e-commerce in the country. Konga’s integrity is their pride.

 

“Today, many Nigerians can attribute their first experience of e-commerce to Konga.com and we are excited to be a part of this remarkable story. Many shoppers can also attest to the speed and efficiency in delivery that characterizes Kos-Express, the company’s logistics arm, which is arguably the best in the sector at the moment.

 

“Our ambition is to up the tempo by revolutionizing e-commerce on the African continent, with Konga at the fore-front of this initiative. In addition to positioning the business on a path of profitability in the short term, our long term plans are focused around seeing Konga well established in other African capitals. Furthermore, we will be unveiling a lot of new initiatives soon and we advise shoppers and merchants alike to look out for these innovations which will radically reshape the average customer experience of e-commerce in Nigeria and on the continent and put more money in their pockets,” he noted.

 

Led by serial digital entrepreneur, Leo Stan Ekeh, the Zinox Group has grown from a position of strength to become one of the biggest names on the African technology scene.

 

With its headquarters in Lagos, Nigeria and branches all over the country in addition to hubs in Africa, Asia, Europe and the Middle East; the Zinox Group boasts a 360-degree spectrum orientation as an integrated ICT solutions group with advanced competencies in manufacturing, special ICT projects, integrated solutions, e-commerce, retail and after-sales support, among others.


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E-Business

Nigeria, Ghana Africa’s Digital Hubs Hardest Hit by Cyber Attacks – Report

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Nigeria, a major digital hub in Africa, has one of the highest volume of cyberattacks in West Africa, coming in at 2,721 for the first half of 2024.

Nigeria, Ghana Africa’s Digital Hubs Hardest Hit by Cyber Attacks - Report

Attacks on the computer-related services field were prevalent, as in Ghana, with 867 incidents, but local beauty salons were second on the list for Nigeria, enduring 206 incidents, followed by data processing hosting companies at 116.

“The growing complexity of distributed denial of service (DDoS) threats seen worldwide, including a notable increase in both attack frequency and sophistication, is clearly reflected in Nigeria. The country experienced more complex attacks than others within the region, with 23 different attacks vendors seen in one single attack, from TCP and CLDAP (Connection-less Lightweight Directory Access Protocol) attacks to Domain Name System (DNS) amplification and many more,” Bryan Hamman, regional director for Africa at NETSCOUT, adding that the country stood out third on the list.

Ghana, however, led the region in both the frequency and diversity of cyber threats for the first half of 2024, facing a high volume of DDoS attacks directed at industries including computer services and telecommunications.

In fact, according to NETSCOUT’s 1H2024 DDoS Threat Intelligence Report (TIR), the country was subjected to a total of 4,753 attacks over the six months, of which 2,759 were aimed at computer-related services businesses. Wireless telecommunications carriers (except satellite) received the second highest number of attacks, at 110, with full-service restaurants also noted as another vertical industry under fire. Furthermore, Ghana experienced by far the highest volume attack in West Africa, with the maximum bandwidth of its largest DDoS attack measuring 314.25 Mbps.

Known for an economic resilience that is driven by agriculture and mining, Guinea surprisingly took second spot in the NETSCOUT results for West Africa in terms of attack frequency, with 2,918 incidents listed. Wireless telecommunications carriers bore the brunt of these strikes, which were mostly TCP-type attacks.

Côte d’Ivoire and Liberia both faced similar attack frequencies, with 1,598 and 1,515 incidents noted respectively. The two countries also experienced similarities in the types of attacks vectors used – mostly TCP-related – as well as the sector that was hardest hit, which was wireless telecommunications for both.

Again, wireless telecommunications carriers were identified as the prime targets for threat actors in Benin (196 incidents), Senegal (107), Mali (32) and Cameroon (16).

“This is in line with NETSCOUT’s global Threat Intelligence Report figures, which measured attacks on the sector at 834,471 for the first part of 2024, a substantial 34 per cent increase on the figures seen for 2H 2023, which was calculated at 622,295. We believe this points to an objective by cybercriminals to disrupt critical communication infrastructure,” Hamman said.

 

 


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NITDA Invites Public Input on Guidelines for IT Projects and Regulatory Instruments

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The National Information Technology Development Agency (NITDA) is seeking public feedback on several draft documents related to Information Technology (IT) projects and regulations. This aligns with NITDA’s commitment to an open and collaborative rulemaking.

The legal Documents Open for Public Review are:

  1. Guidelines for Licensing IT Projects Clearance Compliance Assurance Firms 2024;
  2. Regulatory Guidelines for Electronic Invoicing in Nigeria;
  3. Guidelines for Software Development; and
  4. Guidelines for Software Testing.

NITDA is also proposing the amendment of the Guidelines for Clearance of IT Projects for Federal Public Institutions (FPIs). guidelines, initially issued in 2018.

The Guidelines for Licensing IT Projects Clearance Compliance Assurance Firms 2024 aims to ensure that IT projects within Federal Public Institutions (FPIs) are managed and implemented according to approved and established standards, regulations, and best practices.

The instrument will regulate and professionalise the clearance of IT projects, ensuring that FPIs IT projects and initiatives are effectively conceptualised, designed, evaluated, and compliant with relevant Federal Government extant rules and standards in line with the Federal Government’s digital infrastructure goals and the Renewed Hope Agenda.

The Regulatory Guidelines for Electronic Invoicing is designed to promote transparency and deepen the use of technology for e-government automation as well as support the fiscal development of Nigeria through prudent administration of government revenue.

The guidelines will improve tax compliance, enhance efficiency and enhance standardisation and interoperability, thereby ensuring that Nigeria is ready for international digital commerce.

The Guidelines for Software Development establishes the minimum requirements for the development of software to be used by Nigerian government entities. It ensures that all software meets quality, security, and operational standards, promotes the growth of the local software testing market, and enhances the efficiency and effectiveness of government services.

The objectives of the guideline are to ensure that software is fit-for-purpose, meeting functional and non-functional requirements, and protect government institutions from operational risks through security, reliability, and performance standards.

To Participate:

These draft documents have undergone internal review and stakeholder consultations. NITDA now invites the public to contribute their feedback by reviewing the documents available for download at: https://nitda.gov.ng/draft-regulatory-instruments/

Public participation is crucial for NITDA to develop comprehensive and effective regulatory instruments.

By considering diverse perspectives, NITDA can ensure these guidelines best serve the needs of the IT industry and promote the development of a thriving digital economy in Nigeria.

Stakeholders are advised to  send in their review to [email protected] on or before 26th November 2024.

 


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E-Business

inq. Nigeria Celebrates Double Win at Tech Innovation Awards (TIA) 2024

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inq. Nigeria, the leading provider of Edge technology solutions in Nigeria, has achieved a remarkable double win at the 8th annual Technology Innovation Awards (TIA).

Known for delivering innovative, business-relevant solutions in Edge AI and IoT, SDN/NFV for Edge Cloud, Secure Access Service Edge (SASE), and Elastic Edge, inq. Nigeria was honoured as the “MVNO Provider of the Year” and received the “Cloud Product of the Year” award for its groundbreaking product, inq.Fabric.

The TIA Awards, one of the most prestigious accolades in the tech industry, celebrates exceptional individuals and organisations at the forefront of digital transformation. This year, inq. Nigeria was acknowledged for its comprehensive impact on the Nigerian tech landscape and its commitment to innovation.

The MVNO Provider of the Year award highlights inq. Nigeria’s leadership in delivering flexible, high-performance MVNO services in an emerging market.

Through its adaptable network platform, inq. empowers licensed MVNO providers with seamless, scalable connectivity solutions for data-driven applications and IoT, bypassing traditional infrastructure needs. This enables them to meet critical network demands and integrate efficiently across diverse environments in Nigeria’s evolving market.

The Cloud Product of the Year award celebrates inq. Nigeria’s inq.Fabric, a pioneering cloud connectivity solution that automates provisioning and routing for cloud access. This software-defined networking solution provides secure, agile, and reliable connectivity, supporting rapid deployment and scalability, which is critical for multinationals, government bodies, and SMEs in Nigeria.

Reflecting on this achievement, Ifeanyi Akosionu, Managing Director of Anglophone West Africa, inq. Nigeria, expressed his gratitude, stating, “These awards reflect our commitment to excellence and innovation. At inq., we are dedicated to continuously advancing our solutions, contributing to Nigeria’s economic growth by empowering businesses to thrive.”

He highlighted inq.’s leadership in supporting Nigeria’s emerging MVNO industry, noting, “Our MVNO solutions equip licensed providers with the agility, tools, and support needed to enter the market confidently and succeed in a dynamic landscape.” Akosionu also acknowledged Fabric by inq., which offers a flexible, cloud-based environment designed to boost productivity and streamline decision-making for clients.

Akosionu attributed inq.’s success to its close partnerships with a diverse clientele, whose collaboration inspired the development of forward-thinking solutions that address critical needs in connectivity and digital transformation across Nigeria.

Akosionu also extended appreciation to inq.’s dedicated team, saying, “Our thanks go to our valued customers for their trust and to our team at inq. Nigeria, whose dedication ensures that we consistently deliver world-class solutions.”

Previously, at the 7th edition of the TIA Awards, inq. Nigeria also received recognition as “IoT Solutions Provider of the Year” and “Digital Services Provider of the Year”, further solidifying its leadership in digital and IoT solutions.


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