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/

So that's why their items are overpriced?