Zinox Group Takes Over Konga and all its Assets for Just $10m | Techpaded Blog
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Zinox Group Takes Over Konga and all its Assets for Just $10m

A shocking $10m deal has been agreed over the weekend which sees Zinox Group, a world-class technology company, takeover the ownership of Konga and all its assets which includes Konga.com, popular online retail mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers and KOS-Express, a digitally-driven logistics company.

zenox group

It's worth noting that Zinox Group is the parent company of Yudala, a well-known online mall in Nigeria. While Konga is well known for regularly laying off workers, Zinox said the acquisition was expected to create over 5000 employment opportunities for Nigerians, both home and abroad within a short period.

Zinox Group is a technology company that built Nigeria’s first internationally certified computer systems and has large substantial stakes in ICT in Nigeria. There are possibilities the company will merge Konga and Yudala to create a more efficient platform or to strengthen the other. Yudala was acquired the company for $10m – $15m where all regulatory approvals by the Securities and Exchange Commission has been passed.

Back in year 2015, Konga kicked off by acquiring Zinternet and its mobile money license. Now, Zinox Group has taken over Konga in an underpriced deal. Konga’s original investors probably lost money.

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