Led by Ukrainian entrepreneur Anton Volianskyi, Jiji acquires Ghana’s leading online marketplace, Tonaton (2023)

Jiji, a privately owned African online marketplace led by Ukrainian tech entrepreneur Anton Volianskyi, has completed the acquisition of Tonaton from its parent company, Saltside, as part of its strategic plans to expand into key market segments in Africa.

Prior to the acquisition, Jiji was a key player in the African tech ecosystem, with a gross merchandise value of more than $10 billion and monthly website traffic of over 2 million people.

Upon the conclusion of the deal, Jiji and Tonaton will have access to a larger network of buyers and sellers, significantly increasing trading opportunity and aggregate user base in a major market consolidation in the classifieds sector.

Jiji’s latest move comes nearly three years after it purchased OLX, a classified ads website with operations in Nigeria. With Tonaton’s market position and penetration in the Ghanaian classifieds sector, Jiji is on track to strengthen its position on the continent as it expands its services and penetration.

Experts believe that its recent acquisition will strengthen its dominance across key African market segments, as it builds on its leadership positions in Nigeria, Ghana and Kenya.

“Our goal is to build a company that gives every user in Africa the opportunity to buy goods cheaper and reduce environmental impact through what is effectively a developing lateral economy built on a safe and productive recirculation of valuable goods,” Volianskyi, CEO and co-founder of Jiji, said.

“We are currently creating hundreds of thousands of new jobs across Africa at full tilt,” he added.

Volianskyi founded Jiji in Lagos in 2014. It has since grown into one of the continent’s leading online marketplaces.

Jiji has active operations in Uganda and Tanzania in addition to Nigeria, Ghana and Kenya. It is well-positioned to capture a larger share of the African market, with approximately 12 million users across all geographies.

It acquired Cars45 last year to position itself to capture a larger share of the African market.

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African-American businessman and rapper, Shawn “Jay-Z” Carter and Bacardi Ltd. have come to an agreement regarding their multibillion-dollar joint venture, D’Usse.

D’Usse, a premium cognac brand, was created by Sovereign Brands with the help of the senior-most cellar master, Michel Casavecchia.

In line with the terms of the latest arrangement, Bacardi has agreed to buy out the majority of Jay-Z’s 50 percent stake in D’Usse, leaving Bacardi with at least 75.01 percent ownership of the business.Upon the completion of the transaction, Jay-Z will still maintain a “significant ownership stake” through his company, SCLiquor LLC.

Although the details of the deal have not been made public, Jay-Z has estimated the value of D’Usse at $3 billion, while SCLiquor believes it is worth up to $5 billion. Bacardi has declined to comment on the specifics of the deal.

The recent settlement was a response to Jay-Z’s demand for a buyout due to concerns that Bacardi subsidiary Empire Investments Inc. was mismanaging D’Usse and failing to prepare for a rise in consumer demand.

Jay-Z’s net worth has been steadily increasing, reaching $1.3 billion. He made $297 million in 2021 from the sale of a controlling stake in Tidal, his high-fidelity music streaming network, to Jack Dorsey’s Square.

In addition to his equity positions in Square and his involvement in Marcy Venture Partners, Jay-Z is also collaborating with Dorsey on “The Bitcoin Academy,” a program aimed at educating people about the democratization of knowledge and power.

Nearly two weeks ago, Grammy Award-winning comedian Dave Chappelle disclosed that Jay-Z, the legendary rapper who holds the title of hip-hop’s first billionaire with a staggering net worth of $1.3 billion, has made strategic investments in real estate properties in Ghana.

This move showcases Jay-Z’s entrepreneurial spirit and his desire to diversify his investment portfolio by exploring new markets, such as Ghana.

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Algerian billionaire Issad Rebrab’s net worth has dropped by half a billion dollars since the beginning of the year, owing to a revaluation of his private holdings in Cevital Group, Africa’s largest private conglomerate.

According to Forbes, the billionaire businessman who is the richest man in Algeria and the seventh-richest man in Africa has seen his net worth fall by $500 million since the beginning of the year, from $5.1 billion on January 1 to $4.6 billion at the time of writing.

The recent drop in his net worth offset some of the gains he made between 2020 and 2022, when his net worth increased by nearly $1 billion, from $4.2 billion to $5.1 billion, as Cevital profited from Europe’s sudden shortage of sunflower oil due to regional tensions.

Rebrab established Cevital, the country’s largest private conglomerate, in 1998, and the company has since grown to become one of Africa’s largest private groups. The majority of Issad Rebrab’s fortune of $4.6 billion stems from his ownership of Cevital.

As a well-diversified manufacturing conglomerate, the group has pursued an ambitious foreign acquisition strategy and has reached the critical mass required to compete with the world’s largest corporations.

As part of its expansion plans under the Algerian billionaire and his sons, the group launched a factory in Setif, one of the most important cities in eastern Algeria, to produce electric motors for washing machines, it has also announced plans to establish a subsidiary in Mauritania to develop an industrial complex in the country’s free trade zone of Nouadhibou.

Earlier this year, the well-diversified manufacturing conglomerate received approval from an Algerian court to build a tourist mega-complex in the seaside resort of Tichy in Bejaa, Algeria.

The project, which was halted due to a land dispute in 2015, is located on the east coast of Bejaa, a Mediterranean port city, and commune on the Gulf of Bejaia. It is expected to benefit the region’s economy and contribute to the promotion of Algeria as a tourist destination.

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Access Holdings, a leading bank led by Nigerian multimillionaire banker Herbert Wigwe, is not letting the collapse of its deal with Sidian Bank slow down its quest for growth.

The group has a history of successfully integrating acquisitions into its business and is now looking for new opportunities to expand its reach and increase its market share.

Despite the setback with Sidian Bank, the bank’s management remains optimistic about the future and is confident in its ability to secure a new acquisition that will drive growth and profitability.

The Nigerian banking sector is highly competitive, but Access Bank has established itself as a leader through its strong financial performance, customer-focused approach, and commitment to innovation.

One of the key factors that set Access Bank apart from its competitors is its commitment to sustainability and corporate social responsibility. The bank has a number of initiatives aimed at promoting financial literacy, reducing poverty, and improving the lives of communities in Nigeria.

This focus on social responsibility is an important part of the bank’s growth strategy and helps to build strong relationships with customers and stakeholders. In addition to its commitment to sustainability, Access Bank is also known for its innovative approach to banking.

The bank was one of the first in Nigeria to adopt digital banking technology, and it continues to invest in new technologies and services to enhance the customer experience. The bank’s mobile and online banking platforms are highly rated by customers and offer a convenient and secure way to manage finances.

Access Bank’s management is determined to capitalize on these strengths as it seeks new opportunities for growth. The bank is well positioned to take advantage of the vast potential of the Nigerian banking sector, and its acquisition strategy will likely play a key role in its future success.

The collapse of the Sidian Bank deal may have been a setback, but it has not dampened the bank’s resolve to continue its quest for growth. Access Bank’s commitment to sustainability, innovation, and customer service has helped it establish a strong position in the Nigerian banking sector.

The bank’s management is confident in its ability to secure a new acquisition that will drive growth and profitability, and its focus on sustainability and innovation will likely continue to set it apart from its competitors.

Access Holdings is led by Herbert Wigwe, who owns a 4.51 percent stake in the leading financial services group. Under his leadership, the pan-African financial services conglomerate has seen its total assets surge above $30 billion, while its retained earnings have increased above $1 billion

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