Independent rating agency for startups and innovative SMEs, Early Metrics, has rated Nigerian E-commerce giant, Konga, among an exclusive list of globally viable startups and corporate organisations.
The rating places Konga in a rarefied club of the top 14% of the 2,100 startups rated globally as at March 2019. This further justifies the elevated standing of the company as one of the most promising ventures in the Nigerian and African business space.
Why the rating matters
Early Metrics‘ ratings support decision makers such as investors and corporates in identifying innovative startups worthy of their time and money. The European-based global rating agency also assesses the growth potential of innovative and early-stage ventures.
Their ratings also help the organisations themselves, as it allows them to critically examine their strengths and weaknesses, gain credibility and give their investors added confidence by being audited by a third party.
Konga’s expansion drive: Konga, which was acquired by the Zinox Group about twelve months ago, has been undergoing strategic restructuring and expansion aimed at positioning it as the first and largest Omni–channel e-Commerce groups on the African continent.
Intel recently adopted Konga into its Partner Accelerator Programme
As Nairametrics reported, Konga became the first e-commerce company in Sub-Saharan Africa to be migrated to the Retail Accelerator Programme of global technology giant, Intel.
The development was disclosed by Intel’s Consumer Manager for Nigeria, Olabanji Womiloju, who commended the efforts of Konga in elevating the e-commerce business in Nigeria.
Konga Online Shopping Limited provides Internet-based services. The Company operates an online platform that serves a retail customer base that continues to grow exponentially, offering products that span various categories including Phones, Computers, Clothing, Shoes, Home Appliances, Books, healthcare, Baby Products, personal care and much more.
The company’s expansion drive birthed the merger with Yudala, which saw both companies become the biggest organised retail and e-commerce outfit on the African continent.
FG discloses measures, diversion points for traffic during closure of Third Mainland Bridge
There would be a diversion of traffic in 2 phases during the partial closure of the bridge.
The Federal Government has announced the different phases points of diversion of traffic during the partial closure of the Third Mainland bridge for repair works.
This was disclosed during a joint press conference by the Federal Controller of Works in Lagos, Engr Olukayode Popoola, the Lagos State Commissioner for Transportation, Dr. Frederic Oladeinde and the Special Adviser to Governor Babajide Sanwo-Olu on Works, Engr Aramide Adeyoye, on Tuesday at Alausa Ikeja.
During the press conference, the Federal and Lagos State Governments have appealed to motorists and Lagos residents to cooperate with government and appropriate agencies during the 6 months partial closure of the Third Mainland Bridge for maintenance work, which is expected to start on July 24.
They also assured Lagosians that necessary measures would be put in place to reduce gridlocks during partial closure of the bridge as they would work with appropriate authorities to direct and control traffic movement in the affected areas and alternative routes.
Engr. Popoola revealed that there would be diversion of traffic in 2 phases during the partial closure of the bridge between Friday, July 24, 2020 and January 24, 2021.
He said the First Phase of the diversion, which will last for 3 months of repairs of the Oworonsoki bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonshoki to Lagos Island on the Lagos Island-bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Lagos Island-bound lane.
Engr. Popoola said the Phase 2 of the diversion, which would last also for three months of repairs of the Lagos Island-bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonsoki to Lagos Island on the Oworonsoki bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Oworonsoki bound lane.
Popoola said, “Motorists are advised to also ply these alternative routes: First, from Carter Bridge through Iddo through Oyingbo to join Adekunle ramp inward Oworonsoki. Secondly, from Ijora Olopa through Western Avenue to Ikorodu Road.”
On his own part, the Lagos State Commissioner for Transportation, Dr. Oladeinde said priority will be given to those driving from Mainland to the Island in morning and afternoon to use the Third Mainland while those driving against traffic will use the alternative routes.
Dr. Oladeinde assured motorists that Lagos State Traffic Management Authority (LASTMA) will work with Federal Road Safety Corps (FRSC) in all the alternative routes to ensure that motorists have a smooth journey during the partial closure of the bridge.
The commissioner advised those who don’t have any genuine reason to be on the road to stay at home to reduce vehicular movement during this period while adding that the public vehicles would be available and affordable for road users.
He said: “If you don’t have to travel, I will advise that you stay at home so that we can minimise the number of vehicles on the road. If you can work at home, please do. But if you can’t, we will ensure will be on the road for you to get to your destination as quickly as possible.”
Dr. Oladeinde also advised people of Lagos State to use alternative transport such as ferries. He said there will be an increase in the number of fleets by the Lagos Ferry Services in the morning for people from Ikorodu and Mile 2 as alternative transportation.
Also speaking, Engr. Adeyoye while appreciating the Federal Government for the repair of Third Mainland Bridge, said Lagos State Government has commenced necessary preparatory works on all the alternative routes in the state to make them motorable for the commuters.
Adeyoye said the state will do its best within two weeks to work on all the roads that may likely cause gridlocks to be free of potholes.
She also warned trucks and vehicles that are not road worthy or serviceable to stay away from Lagos roads.
Federal Government and LASG have appealed to motorists and Lagos residents to cooperate with government and appropriate agencies during the six months partial closure of the Third Mainland Bridge for maintenance work, which is expected to commence on July 24#ForAGreaterLagos pic.twitter.com/yUOOQIwe62
— The Lagos State Govt (@followlasg) July 7, 2020
Africa Union to accelerate industrialization to beat COVID-19
AU is planning on improving industrial output through the establishment of the regional value chain.
The African Union says it will accelerate its industrial development drive and improve supply chains needed for Africa’s trade and logistic growth to overcome the pandemic.
In a statement by the chairman of the AU and South Africa’s President, Cyril Ramaphosa, the AU is planning on improving industrial output through the establishment of a regional value chain with the aid of private sector stakeholders. The statement commemorating Africa Integration Day was co-signed by AU Commission Chairman Moussa Faki Mahamat and Mahamadou Issoufou, the president of Niger.
President Ramaphosa added that the African free trade area is the best tool that can help the continent speed up its regional economic integration to battle the effects of the pandemic. He added that the creation of a free trade area is “defragmenting Africa to put behind us the history of small uncompetitive markets that have thwarted our efforts to achieve inclusive sustainable development for the benefit of our people.”
The African Continental Free Trade Area agreement was signed last year and was meant to commence this year in July but the COVID-19 pandemic has delayed the negotiations for tariff concessions for trade in goods; a date has not yet been announced to resume negotiations.
When fully ratified and operational by 2030, the ACFTA would be the largest free trade area by land area, servicing a potential of 1.2 billion people and with combined GDP of $2.5 trillion. Of the 54 nations that have signed the agreement, only 28 have ratified it so far. Nigeria is one of the countries yet to ratify over worries of “dumping”. Internal trade in Africa is just 15% compared to Europe’s 70% and Asia’s 58%. The ACFTA when fully ratified will reduce tariffs on goods by 90% and help promote investment and movement of goods, people and capital in the continent.
Just In: Court rules ICAN members do not need CITN license to file tax returns
The suit, which was filed some years ago by CITN, was basically struck out for lacking merit.
Justice S. A. Onigbanjo of the High Court of Lagos State has ruled that members of the Institute of Chartered Accountants of Nigeria (ICAN) do not need to be licensed by the Chartered Institute of Taxation of Nigeria (CITN) before they can file tax returns.
The ruling on July 2nd followed a suit filed by CITN trying to restrain ICAN members from filing tax returns for their clients unless they have a practicing CITN license.
Evidence of the court ruling, as seen by Nairametrics, noted that Justice Onigbanjo struck out the suit after describing it as “an abuse of court process and an embarrassment to the judiciary.”
More details shortly…