Prince Nnamdi Ekeh, the Co-CEO OF Konga, has been featured in Forbes Africa, for its March 2022 issue.
The music producer turned e-commerce entrepreneur revealed the strides made by his company, Konga, during his interview with Forbes.
In the special feature published in its Forbes Africa edition, the media company identified Konga as “a strong player that is on the verge of dominating the African e-commerce scene”.
Forbes while detailing the strides that Konga has made indicated that he “has become one of the largest online marketplaces in Africa for everything you need; from electronics, clothes, books, children’s items, computers and accessories, phones and tablets, to healthcare and personal care products, wines, toys, furniture, and groceries”.
The magazine mentioned that Konga “has experienced over 800% growth”. According to Forbes, following Konga’s 2018 acquisition by the Zinox Group, and the tremendous growth it has recorded, Konga would potentially attract over a $2 billion valuation when it eventually decides to go public, as widely envisaged.
Part of Forbes reports read: “While the brand eyes its listing on the stock market to fulfill its potential in the marketplace, there are reports that it boasts over $2 billion valuations, thanks to its new acquisition by Zinox.
“Konga has continued to show promise in the online marketplace. After its acquisition, a review of the company’s performance shows the brand experienced over 800 percent growth. This surpasses expectations in e-commerce sectors across the continent. The new phase of Konga, driven by young, ambitious and innovative individuals, has seen it rake over $300 million in investments”.
Forbes report
Speaking to Forbes, Prince Nnamdi Ekeh praised his Co-CEO, Nick Imudia, and the entire Management and staff of the Konga Group for their dedication.
According to Nnamdi, E-commerce in Africa is set to take off to unprecedented heights in the next decade, and players who are well-positioned will reap the fruits.
“We have already seen triple-digit annual growth numbers and yet there is still so much market share left to capture as we transition people into the e-commerce era”.
Prince Nnamdi Ekeh
Nnamdi also noted that he believes blockchain and decentralized finance will play a great role in improving financial inclusion in Africa which will give people more access to digital services like e-commerce.
“As economists, we were trained to look at indicators and so far, most critical indicators trend positively: Population, youth population, mobile penetration growth rates, connectivity growth rates. If these indicators continue to improve, I have no doubt that Africa will house one of the biggest e-commerce players in the world, and my job is to make that Konga”.
Prince Nnamdi Ekeh
Prince Ekeh started in the trading business early in life before his undergraduate studies. At the age of 22 and barely a few months after his graduation, he launched Yudala, pioneering the first composite (online and offline) e-Commerce company out of Africa. The start-up, which had a staff strength of over 250 employees, was an instant success.
Prince Ekeh was responsible for the negotiation and strategic acquisition of Konga Group by Zinox Technologies Ltd. from erstwhile owners, Naspers and AB Kinnevik in 2018. He was also instrumental in leading the team that oversaw the successful merger of the operations of Yudala and Konga a few months after, birthing arguably “Africa’s biggest composite e-commerce platform”.
Prince Ekeh has earned many awards including Disruptive Young Entrepreneur of the Year (2017) at the Titans of Tech Awards (2017); Icon of Human Transformation Award by NANS; The Future Awards for Business Excellence as well as Top 100 Most Influential People of African descent (MIPAD) in response to the proclamation by UN General Assembly resolution 68/237, among others.
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