• Sat. Jun 3rd, 2023

Ibukun Awosika rates Konga high, says it represents stretch factor in Nigerian eCommerce space

ByYinka Okeowo

Jan 19, 2022

Mrs. Ibukun Awosika, a serial entrepreneur and former Chairman, First Bank of Nigeria Plc., has hailed Konga, Nigeria’s leading composite e-commerce giant as a stretch factor that has taken on and surmounted huge challenges, while positively disrupting the face of e-commerce in Nigeria.

She made the call on Saturday, January 15, 2022 at the Konga Group’s retreat held at the impressive Yudala Heights on Idowu Martins, Victoria Island, Lagos.

Ibukun Awosika visits Konga

Awosika, who was one of the special guests at the half-year business review retreat organized by Konga, heaped praises on the e-commerce giant for bouncing back from a potential exit in 2018 after acquisition by the Zinox Group and restoring hopes among millions of Nigerians in the viability of the e-commerce industry.

‘‘This has proven that we have globally experienced entrepreneurs with capacity to alter our economic destinies.  In your journey in life, there are many who would say you cannot do it. But do not pay heed to them. Konga has proved this axiom by showing that nothing is impossible when you set your mind to it. Today, many of us are witnesses to the impressive strides recorded by the company in the e-commerce industry, coming from a near-exit in 2018 to eventually turning profitable.’’

While assessing the resilience, huge strength and adaptability that has seen Konga thrive in a difficult terrain, as well as the huge ambition driving the brand, Awosika drew fitting analogies with quality fabric which often recover to its starting point after being stretched – a process used by garment and furniture makers in working out the stretch factor of individual fabric.

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Addressing Management and staff at the session, she said: ‘‘In my opinion, Konga is a stretch factor and a great ambassador for Nigerian e-commerce. I urge you all to remember that as employees, you are the face of the brand and must carry this with mandate with responsibility everywhere you go,’’ she stated.

Her thoughts were echoed by Mr. Funso Akere, chief executive, Stanbic IBTC Capital, who equally identified Konga as a potential leader of African e-commerce, in view of its high ethical standing, current growth trajectory and perception among interested investors.

‘‘There is a huge opportunity for Konga to assume leadership of the African e-commerce space and sustain it comfortably from what I have experienced. You have a brand that is highly respected, known for its zero-tolerance for unethical practices and one that is growing at a fast pace. There are four things investors look at. First is, the opportunity. The second is the ambition – how big it is. Third is the skills – what are the human resources or assets available and the fourth is the execution or what you would call the process. Under process, you talk about governance and control.

‘‘Konga has done very well in these areas and it is no surprise that some of the biggest investors in the world are interested in the business,’’ he concluded.

In his closing remarks at the exciting two-day retreat which witnessed excellent presentations and thought-provoking conversations, Nick Imudia, co-CEO, Konga Group, who declared 2022 as the year of partnerships, reiterated the unwavering determination of the entire Management and staff of the company in keeping up the pace of Konga’s fast-paced growth in the e-commerce industry.


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