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.
— BusinessDaily Africa (@BD_Africa) February 7, 2018
Naspers is shutting down OLX operations across Africa except South Africa. OLX Nigeria, OLX Kenya and OLX Ghana will be operating remotely. The company has been getting massive losses despite the huge investments in the continent. pic.twitter.com/FRJtmLMF8C
— Atanas. (@Atanasi_) February 7, 2018
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.
OLX had a difficult decision to make regarding Nigeria and other countries that weren't among its largest classified markets. OLX was also significantly under-monetised relative to Schibsted and eBay Classifieds. Data above suggested that OLX will struggle to monetise Nigeria
— Andrew (@andrewfootie) February 9, 2018
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.
It's depressing thinking of starting your own business when companies like OLX, Efritin and Konga are giving up the ghost
— Uncle Efe (@HL_Blue) February 8, 2018
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.
Merger and Acquisition.
Zinox, Parent company of Yudala, buys Konga for $10 million.
— Oluwatosin Olaseinde (@tosinolaseinde) February 3, 2018
So, many have seen the chicken coming home to roost.
The slide I was using 3years ago predicting the real winner of Konga/Jumia fight will be Yudala, unless they change their strategy. #justsaying Zinox Acquires Konga in Landmark Industry Deal https://t.co/Hiv8ia3WyN pic.twitter.com/Pzoe3EcY7G
— Marek Zmyslowski (@marekchinedu) February 3, 2018
Jumia and Payporte are struggling
The unprofitability of the online market/E-commerce in Nigeria is a very interesting case study of why sound business strategy MUST be local
— Emmanuel Nwachukwu (@emma_dele) February 3, 2018
Just as the story of the acquisition simmered down, the social media court of verdict focused on the founder, Sim Shagaya.
— Sim Shagaya (@SimShagaya) February 3, 2018
For many, Sim’s respect is still intact. After all, he only made a try.
Let it be said that Sim Shagaya fought till the end.
He built something.
He didn't sleep on his dreams.
He built something great
He gave competitors a run for their money
— Oluwatosin Olaseinde (@tosinolaseinde) February 4, 2018
@Simshagaya is one of the biggest contributors to the NG tech space as we know it today | He literally changed the game| He raised > $80m in Nigeria | He made developers valuable by building out his tech team in lagos| He opened doors for others| Most of all he made us BELIEVE
— Honey Ogundeyi (@HoneyOgundeyi) February 7, 2018
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.
— SpaceX (@SpaceX) February 7, 2018
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.
Falcon Heavy side cores have landed at SpaceX’s Landing Zones 1 and 2. pic.twitter.com/oMBqizqnpI
— SpaceX (@SpaceX) February 6, 2018
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.
— Marty McGuire: Backyard Astronomy Guy (@BackyrdAstroGuy) February 6, 2018
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!
— David Afolayan (@aforisms_) February 7, 2018
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.
As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…
— Nouriel Roubini (@Nouriel) February 6, 2018
This is the most recent outgrowth of many government Legislations that have attempted to cripple the crypto-currency.
bitcoin down below 6000, a drop of >70% in a little over a month pic.twitter.com/jT1TYblIHC
— Eric Holthaus (@EricHolthaus) February 6, 2018
That marked a fall of more than half from a peak of almost $20,000 hit in December.
Bitcoin less than 2 months ago: 20,000 $.
Bitcoin today: 6000 $.
— نبيل (@Ternz) February 6, 2018
Our hearts are with owners of the BC although it seems the cryptocurrency is regaining some might:
today is Friday, 9 February 2018 and the time is 19:0:2, and bitcoin price is $8,257.6000
— test bot arzee (@testbotarzee) February 9, 2018
And, have a great weekend ahead friends.
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