In an email sent to company staff, Shagaya said he is stepping down to assume the role of Chairman of the company’s board of directors. Former Konga COO Shola Adekoya has been appointed acting CEO and will run the company until the board makes a CEO appointment.
Shagaya launched Konga in 2012 and has run the company since its inception. Under Shagaya, Konga grew to become one of the continent’s ecommerce powerhouses, competing with Jumia in Nigeria. Shagaya is also known for championing KongaPay, one of many efforts to enable Nigerians to pay upfront for goods ordered online. KongaPay is a cashless alternative to the cash-on-delivery payment model dominant in Nigeria.