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Jumia of Fraud…how the e-commerce firm tricked investors, short-change IATA, CBN

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MTN fingered in fraud report


When a couple of weeks ago, Jumia made headlines by listing in the New York Stock Exchange, not a few people saw it as a big deal and a welcome development. But no sooner had the company sold itself as ‘Africa’s first unicorn’ to trade in the prestigious NYSE than the fraudulent claim of being an “African company” began to fall flat on its face.

Records submitted by the ecommerce firm indicated clearly it is a German company with corporate structure spread across different cities in Europe. Nevertheless, the firm rode on the controversy of its initial public offer (IPO) as the value of its share rose, but only for a short time.

Besides operating in Nigeria as a business against which a lot of infractions have been reported, the fraud that Jumia is has now assumed a global dimension. Moving from a frim with a lot of skeletons in its wardrobe in that it operates an online travel business without an online IATA licence which is one of the requirements for such operation, and also does not have CBN mobile money licence though it operates like one, the Jumia brand is deeply enmeshed in corporate fraud with dire consequences as the NYSE would launch into series of investigations to mete out the right treatment to the firm.

Citron Research, a US Based online investment Newsletter, has declared Jumia shares as “worthless” and that they had never “seen such an obvious fraud”. Jumia share price was down by over 18% as at closing of trading at the New York Stock Exchange. According to the report by Citron, Jumia forged its numbers ahead of filing documents for its listing in the US. Two of Jumia’s largest shareholders, MTN and Rocket Internet wanted to exit the company after it reported in 2018 that it has a year’s cash left. The company’s revenue also declined from $145million to $131million while adjusted EBITDA loss went from $161million to $150million. Jumia removed certain information and went ahead to distort the figures and facts in its investment memorandum with a view get its stock overpriced that its actual value.

Citron, in its 18 years of publishing said it “has never seen such an obvious fraud as Jumia.” Cited as material discrepancies deliberately made up by Jumia include: inflating active customer base (from 2.1 million in October 2018 to 2.7 million by April 2-19) and active merchant numbers (from 43,000 to 53,000 between same period) which represented 20% to 30% growth – a claim which Citron suggests cold not have been true.

It also claimed that “the most disturbing disclosure that Jumia removed from its F-1 filing was that 41% of orders were returned, not delivered, or cancelled. This was previously disclosed in the Company’s October 2018 confidential investor presentation,” implying that most of its orders were cancelled in 2018.

The damaging report is an absolute vote of no confidence in Jumia which it accused of corporate fraud. “When a company markets to investors ahead of its IPO and then a few months later omits material facts and makes material changes to its key financial metrics to make the business seem viable, this is securities fraud,” the report says

Culled from The Capital

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Araraume Felicitates With Tinubu At 73, Commends His Leadership Style

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Araraume Felicitates With Tinubu At 73, Commends His Leadership Style

 

A chieftain of the All Progressives Congress (APC), Senator Ifeanyi Araraume has congratulated President Bola Tinubu on his 73rd birthday.

In his message, Araruame described Tinubu’s birthday as a time to celebrate a life dedicated to service, vision and national progress.

He stated that Tinubu’s leadership is dedicated to service, vision, and transformative leadership which continues to inspire hope for a better Nigeria.

Araraume in his message to the president said
“On this auspicious occasion of your 73rd birthday, I join millions of Nigerians and admirers worldwide in celebrating a life profoundly dedicated to service, vision, and transformative leadership. Your journey, marked by an unwavering commitment to the ideals of democracy and national progress, continues to inspire generations.

“Mr. President, your legacy as a foundational architect of modern Nigerian politics is indelible. From your pioneering role in Lagos State’s economic revitalization as Governor to your steadfast advocacy for equitable federalism and democratic consolidation, your leadership has consistently embodied courage, innovation, and inclusivity. Today, as our nation navigates complex challenges, your resolute focus on economic reform, security, and unity reaffirms your status as a visionary steward of Nigeria’s destiny.

“Your intellectual depth, political acumen, and unyielding optimism for a prosperous Nigeria resonate deeply with those who believe in the promise of this great nation. I am particularly inspired by your strategic approach to governance—rooted in wisdom, pragmatism, and an unshakable faith in the potential of our people.

“On this milestone, I pray Almighty God grants you enduring vitality, wisdom, and grace as you guide Nigeria toward its loftiest aspirations. May your year ahead be filled with joy, strength, and the fulfillment of seeing your labours yield lasting fruit for our beloved country.

“Happy 73rd Birthday, Mr. President! May history remember you as the leader who ignited Nigeria’s golden era”

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EFCC Dismisses Political Links in Achimugu Investigation, Reaffirms Independence

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EFCC Dismisses Political Links in Achimugu Investigation, Reaffirms Independence

EFCC Dismisses Political Links in Achimugu Investigation, Reaffirms Independence

The Economic and Financial Crimes Commission (EFCC) has categorically denied any political undertones in its ongoing investigation of businesswoman Aisha Achimugu, dismissing speculations that the probe is connected to former Vice President Atiku Abubakar and Lagos State Governor Babajide Sanwo-Olu.

The EFCC’s statement comes in response to a report by People’s Gazette, which suggested that Achimugu had allegedly funneled funds to Atiku and Peter Obi during the 2023 presidential election campaign, leading to friction between President Bola Tinubu and Governor Sanwo-Olu. The Commission has refuted these claims, emphasizing that its investigations are solely focused on Achimugu’s alleged criminal conspiracy and money laundering activities.

In a statement released via its official channels, the EFCC reaffirmed its neutrality and professional commitment to justice, stating, “The public is hereby notified that the investigation of Ms. Aisha Achimugu has no bearing, whether immediate or remote, on any political figure, including Atiku Abubakar or Babajide Sanwo-Olu. She is being investigated for alleged financial crimes and has been declared wanted by the Commission.”

The agency clarified that its investigation into Achimugu began in 2022 and was challenged in court when she sought an injunction preventing her arrest, interrogation, or prosecution. However, the Federal High Court in Abuja ruled against her on February 19, 2025, affirming the Commission’s authority to probe her alleged activities. The court also upheld an interim order for the forfeiture of assets suspected to be proceeds of crime, thereby dismissing her appeal as lacking merit.

This judicial backing, according to the EFCC, underscores the legitimacy of its probe and further reinforces the Commission’s stance that it operates without political bias. The EFCC warned against attempts to misinterpret its work, stating, “We remain a non-partisan and non-sectarian institution committed to the fight against corruption. The public is urged to disregard any attempts to link our work to political maneuvering.”

The Presidency also weighed in on the matter, describing claims of a political conspiracy against Atiku and Sanwo-Olu as baseless. The administration accused Atiku of spreading unsubstantiated rumors, maintaining that President Tinubu had no hand in the EFCC’s probe of Achimugu.

As the investigation unfolds, the EFCC has reiterated its commitment to due process and transparency, vowing that no individual, regardless of status or affiliation, will be shielded from the law if found culpable. The agency urged anyone with relevant information regarding Achimugu’s whereabouts to come forward, emphasizing its determination to bring financial criminals to justice.

 

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President Tinubu Orders Manhunt as 16 Travellers Lynched in Edo Mob Attack

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President Tinubu Orders Manhunt as 16 Travellers Lynched in Edo Mob Attack

President Tinubu Orders Manhunt as 16 Travellers Lynched in Edo Mob Attack

 

Nigeria has been shaken by the horrific murder of 16 travellers in Uromi, Edo State, an act of jungle justice that has drawn nationwide condemnation, including from President Bola Tinubu and several state governors. The President has ordered an urgent manhunt for the killers, as calls for justice grow louder.

Mistaken Identity Turns Deadly

The victims, who claimed to be hunters, were travelling in a Dangote Cement truck when they were stopped by local vigilantes around 1:30 PM in Udune Efandion community. Upon searching the truck, dane guns were discovered, triggering an angry mob attack.

A gruesome video circulating on social media captured the travellers pleading for their lives as they were brutally beaten, lynched, and set ablaze. The chilling footage showed some community members going about their daily activities, seemingly unfazed by the unfolding horror.

An eyewitness, identified as John, revealed that the mob mistook the travellers for kidnappers. “After seeing the travellers with guns, the vigilantes raised the alarm, and people descended on them. However, they should have been handed over to the police,” he lamented.

A particularly disturbing scene in the video showed a resident using a wheelbarrow to dump one of the victims into the raging fire, as bystanders mocked their cries for mercy.

Delayed Police Response and Arrests

The Edo State Police Command confirmed that by the time officers arrived at the scene, the damage had been done. However, they managed to rescue ten of the travellers, two of whom sustained serious injuries and were rushed to the hospital.

Police spokesman Moses Yamu stated that 14 suspects have been arrested, while tactical units, including the Police Mobile Force, have been deployed to prevent further violence. He also warned against unlawful gatherings that might escalate tensions in the community.

Tinubu and Governors Demand Justice

President Bola Tinubu, visibly disturbed by the attack, has ordered security agencies to hunt down the perpetrators and ensure they face the full weight of the law. In a statement, he expressed his condolences to the victims’ families and warned that mob justice has no place in Nigeria.

“The President noted that jungle justice has no place in Nigeria, and all Nigerians have the freedom to move freely in any part of the country,” the statement read.

The Northern States Governors’ Forum (NSGF) also condemned the killings. Its chairman, Gombe State Governor Muhammadu Yahaya, described the act as barbaric and a gross violation of human rights. He urged authorities to swiftly arrest and prosecute those responsible, emphasizing that all Nigerians deserve to travel freely without fear.

Atiku, Okpebholo, Obi React

Former Vice President Atiku Abubakar also joined the chorus of outrage, demanding a full investigation. “This unfortunate incident demands a thorough, transparent, and impartial investigation to ensure those responsible are brought to book. Justice must not only be done but must be seen to be done,” he wrote on X.

Edo State Governor Monday Okpebholo described the killings as “barbaric and vicious” and vowed that his administration would not tolerate such lawlessness.

As the nation reels from this shocking act, the pressure is on law enforcement agencies to deliver swift justice and prevent future occurrences. Meanwhile, calls for community sensitization against jungle justice have intensified, as Nigerians demand a country where the rule of law prevails over mob violence.

 

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