Founder of IrokoTV, Jason Njoku reveals why Konga was sold to Zinox

IrokoTV boss, Jason Njoku revealed and explained why Konga’s founder, Simdul Shagaya had to sell its giant e-commerce platform to Zinox.

Founder of IrokoTV
Founder of IrokoTV

Jason disagreed with all the rumours that says Konga was sold due to mismanagement, theft and criminality. He said it is just time for Sim Shagaya to throw in the towel and let go of his childbrain.

He said:

“One day, Sim will share the true happenings of what really went down at Konga. I know more than most, but it’s not my story to share.”

“For now, let’s leave it to the Twitter economists and experts to rake over the supposed smouldering corpse which is, to many the dreams, of Konga – Nigeria’s online shopping Mall.

“To my mind, he (and Shola after him), did everything they could. Most will never know the pressures they were under. Most would never truly understand the demands and sacrifices they had to make in order to keep Konga alive.”

He explained how Konga got stressed and was eventually sold to Zinox

“Nigeria Inc is poorer now in my opinion. When companies in Nigeria fail, it’s usually because of basic criminality and theft. The captain never goes down with the ship. Let me be clear. Sim+Shola ‘went down’ with their ship. I would say 95% of his material wealth was tied up in Konga.”

“As for criminality + theft? That wasn’t the case at Konga. No doubt they had internal and external fraud problems. It’s Nigeria. I’m sure, as I look around at IROKO, someone is trying to steal from me right now. But there was aggressive market development.

“There was overspending on everything because that’s what they felt they needed to do to ‘win this market’. There was no sense of impropriety. They gave it their best and the market, this fucking horrendously difficult market Nigeria, this market which turns dreams to ashes daily, just wouldn’t yield.”

“It was never about cash. Jumia has cash. All they are doing is burning more of it. The market is pushing back any effort of rationalisation. It may be untameable. I am 100% sure if I hadn’t ignored Nigeria for first 5 years of IROKOtv’s life, we would probably be dead. In fact, IROKOtv should have died in 2015.”

Sim Shagaya, Konga’s Founder, Dream For Nigeria Failed

Konga's founder, Sim Shagaya
Konga’s Founder, Sim Shagaya

Aside Konga, Sim also founded E-motion and DealDey to achieve his dream of developing and opening Nigerian retail business to the world of technology.

As he didn’t achieve any of his stated goals, he’s currently facing a hard time:

“Sim is heartbroken, I am sure. If there was someone who deeply and truly cares about Nigeria, it is Sim. He came back to make a difference. To build a New New Nigeria through commerce.”

What’s your say? Since, e-commerce is failing in Nigeria, how are we sure Jumia won’t fall in the future?

6 Comments

  1. Huuuh! With all his capabilities he later failed, i wish him best of luck next time. I don’t think Jumia.com.ng could just fall off just like that… Their mall is always growing higher and higher every day..
    Thanks for the info @admin Mr precious.

  2. I just wanna say that, he shouldn’t loose hope and he should think of how to invest again.. May God help him through.
    Thanks for the info..

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