Olabisi Olaleye
The 
disclosed shortly after the acquisition of e-commerce powerhouse, Konga, reasons it added the thriving company to its stable.
According to Zinox, it intends to create over 5,000 jobs within and outside the country as well as further boost the commerce space.
The deal, which had been on for months, was successfully rounded off after long-drawn negotiations with major investors, Naspers and AB Kinnevik in a landmark development that would provide employment opportunities for thousands of Nigerians and reposition Konga for a greater share of the e-commerce market in Nigeria and beyond.
Based in South Africa, Naspers is a broad-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.
Through this acquisition, the Zinox Group, Nigeria’s foremost integrated ICT solutions conglomerate and original equipment manufacturer, will expand its operations to e-commerce, an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the absence of credit card and e-payment infrastructure when it was launched over 12 years ago.
The acquisition is also understood to have passed all regulatory approvals by the Securities and Exchange Commission.
The Zinox Group, arguably Africa’s most integrated technology group, will assume ownership of the e-commerce group that 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, world-class logistics company with advanced delivery capabilities for Konga and other structured companies nationwide.
Widely expected to place Konga on a sound footing for increased market share, the landmark acquisition by the Zinox Group is seen by industry watchers as one 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 while e-retail revenues are projected to grow to $4.48 trillion in 2021.
The acquisition is expected to create employment opportunities for over 5,000 Nigerians, both at home and in the Diaspora, within a short period.
Head of corporate communications, Zinox Group, Gideon Ayogu, said the decision to invest in Konga was an easy one for the organisation.