Connect with us

Company News

Shoppers Delighted as Konga Crashes Prices For 9th Anniversary Sale



Konga 9th Anniversary- Investors King

Excitement has trailed the commencement of composite e-Commerce giant, Konga’s 9th Anniversary promotion, with shoppers expressing their delight at the mouth-watering prices and deals on offer.

The Konga 9th Anniversary sale, which kicked off on Friday, June 25, will end on Monday, July 5, 2021.

Already, the promotion, which commenced last week, has witnessed significant traffic online at the website and in various Konga retail stores across Nigeria. As expected, thousands of early bird shoppers had thronged both platforms, looking to be among the first to grab the juicy offers put together by the foremost e-Commerce brand.

Investigations reveal that while many had opted to go online to take advantage of the early deals, others had chosen to target the stores.

In Kano, Aminu Muhammed, a business owner, disclosed that he had waited with eager anticipation for the commencement of the sale, adding that he had been among the first persons to visit the Konga store along Post Office road.

‘‘As a bulk trader, I usually lookout for special deals and offers. So, when I learned of the anniversary sale on social media, I had decided to visit the Konga store once it commenced. Usually, a lot of traffic is recorded online as more people prefer to shop that way because of convenience. But my strategy has always been to go to the store and as usual, I was able to get some very good deals.

‘‘I am a regular customer of Konga. You cannot beat their prices for genuine products and most importantly, I have the assurance of buying only authentic products,’’ Muhammed disclosed.

In Abuja, Port Harcourt, Uyo, Enugu, Owerri, Asaba, among others and, especially in Lagos – where many defied the light showers early on Friday to visit the various Konga stores spread across the state – the story was the same.

At Festac, a Lagos suburb, Patience Mark, a student, revealed that she was able to conclude her back-to-school shopping on Friday when the sale commenced.

‘‘I have been delaying my return to school because I needed a new laptop and a few other items which I wanted to shop on Konga. In fact, I had ordered a few of them online but chose to wait for the anniversary promo to get the laptop and others.

‘‘It turned out to be a wise decision as I bought everything in the Festac store on Friday. Only one item was not available and I returned there on Saturday to pick it up. The prices were really good and I am happy,’’ she said.

On social media, feelers indicate that many satisfied shoppers also benefitted from the early bird deals.

On Instagram and Facebook, Konga had received quite a few hits and shout-outs from shoppers who participated in the treasure hunt and flash sales which heralded the 9th Anniversary sale.

Konga Treasure Hunt- Investors King

Another factor that left many shoppers thrilled was the fact that prices had been heavily discounted for the 9th Anniversary promotion, which Co-CEO, Konga Group, Nick Imudia, had disclosed will situate the company’s landmark achievements in the e-Commerce ecosystem while affording it the opportunity to reward its loyal customers with mega deals.

The anniversary sale is currently running across the entire suite of Konga’s massive bouquet including Mobile Phones, Electronics, Home & Kitchen, Computing & Accessories, Fast Moving Consumer Goods (FMCG), Fashion, Power, Fashion, Baby, Kids & Toys (BKT), Beauty and much more.

Also, a number of freebies and giveaways are on offer for Konga customers.

In addition to the treasure hunts and flash sales, there is a chance for shoppers to sing and win amazing prizes via the Konga Karaoke. Furthermore, two lucky Nigerians will get a chance to win shopping vouchers daily on live radio for nine days.

This is in addition to other incentives such as free shipping, app-only deals, as well as a special 9th Anniversary live auction (Konga Last Price) which will hold on Monday, July 5.

Continue Reading

Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper



flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

Continue Reading

Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks



SpaceX- Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

Continue Reading

Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria




Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.

Continue Reading