Weekly Roundup: OLX is the Next Casualty; Is Sim Shagaya a Hero or not?

Weekly Roundup: OLX is the Next Casualty; Is Sim Shagaya a Hero or not?

This week, the Nigerian business community had to bear the news of the demise of another business enterprise, OLX, after several ailing months. According to reports, Naspers, owners of OLX, wants it to shut down operations in all African countries except South Africa.


OLX is a classifieds listing website. It has a presence in over 30 countries and began operations in Nigeria in 2012. It had been the major player in the Nigerian market until competition from Jiji.ng became fierce.


So, OLX joins the list of many others. OLX’s shutdown is similar to the shutdown of another popular classified website: Efritin.com. Efritin shutdown its operations in Nigeria in 2017. Recall that GoMyWay was pronounced dead in 2017.

Is Sim Shagaya a hero?

Konga is another e-commerce giant that was has struggled to stay afloat. Zinox group took possession of Konga recently after months of negotiations. According to some sources, Konga was sold for just $10 million, which is a significant loss in value from its previous valuation two years prior to about $100 million.

So, many have seen the chicken coming home to roost.

Just as the story of the acquisition simmered down, the social media court of verdict focused on the founder, Sim Shagaya.

For many, Sim’s respect is still intact. After all, he only made a try.

To some others, he is very wrong and maybe overrated. What do you think?

SpaceX’s Bold Space Invasion!

This week, SpaceX successfully launched its Falcon Heavy rocket into space.

And, it was a landmark day for SpaceX CEO, Elon Musk, and his innovative company. After all, launching rockets or into space was majorly conducted by governments, not private firms.

Just in case you did not know, it was a global event. The live video for the rocket’s launch was watched by more than 2.3 million people before the stream was cut off.

The event was a first of many sorts. The SpaceX is the only company to perfect the technique of safely detaching and reusing the boosters. So, ladies and gentlemen. We have a car in Space!

Panic Builds as Bitcoin Crashes Below $6,000

According to BBC, the price of Bitcoin has fallen to $5,947.40 (£4,256.44) on Tuesday. It reports that the latest fall comes a day after several major US and UK banks banned customers from using credit cards to purchase the digital currency.

This is the most recent outgrowth of many government Legislations that have attempted to cripple the crypto-currency.

That marked a fall of more than half from a peak of almost $20,000 hit in December.

Our hearts are with owners of the BC although it seems the cryptocurrency is regaining some might:

And, have a great weekend ahead friends.

If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.

Related Posts