Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,798,699 members, 6,687,673 topics. Date: Saturday, 22 January 2022 at 11:07 PM

Konga’s Founder Discloses How He Paid N60m Debt That Wasn’t His, To Save Konga - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Konga’s Founder Discloses How He Paid N60m Debt That Wasn’t His, To Save Konga (233 Views)

Bill Gates Sr Is Dead. Microsoft Co-Founder, Bill Gates' Father Dies / Man Discloses How A Trader Makes 70k Daily From Selling Elephant Milk / How To Make N150,000 Monthly From Your Jumia/konga Store (2) (3) (4)

(1) (Reply)

Konga’s Founder Discloses How He Paid N60m Debt That Wasn’t His, To Save Konga by Alarinka1: 5:16pm On Oct 29, 2019
Have you ever had to repay a debt that you didn’t owe? Well, Sim Shagaya, the founder and former Chief Executive Officer (CEO) of e-commerce company, Konga, had to do so – and in the process, faked a heart attack – when a Nigerian bank thought his company was owned by a landlord who had defaulted on the loan he collected from the bank.

The debt issue occurred in 2014 after a misunderstanding involving a Nigerian bank, which he called ‘Starling’ (not real name). The bank had sent the police to shut down one of Konga’s distribution centres, thinking the landlord owned the online marketplace. According to Shagaya, Konga had some small short-term trading liabilities to suppliers but certainly didn’t owe any bank.

The landlord owned the property where the distribution centre was situated but not the online retail business. However, the bank was not convinced that Konga wasn’t the landlord’s. The bank moved to take over the property, causing over... https://nairametrics.com/2019/10/28/kongas-founder-discloses-how-he-paid-n60-million-debt-that-wasnt-his-to-save-kongas-operation/

Re: Konga’s Founder Discloses How He Paid N60m Debt That Wasn’t His, To Save Konga by Rotiix(m): 5:39pm On Oct 29, 2019
So that's why their items are overpriced?

(1) (Reply)

Logo Design Promo / Have You Met Your Business Goals For 2019? / Highlights Of Finance Bill 2019

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 19
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.