Connect with us

society

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

Published

on

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

society

POCACOV Takes Fight Against Cultism And Bullying To Schools In Edo

Published

on

POCACOV Intensifies Sensitization on Cultism, Bullying, and Social Vices Among Students in Edo

 

In commemoration of the 2026 National Police Day Celebration, the Police Campaign Against Cultism and Other Vices (POCACOV), Edo State Command, has reinforced its preventive policing efforts through a targeted sensitization outreach at Igbinedion Education Centre, Benin City.

The initiative forms part of the broader activities marking this year’s National Police Day, themed “Community Partnership: Building Trust,” which emphasizes collaboration between the Nigeria Police Force and the public in fostering a safer society.

The sensitization programme witnessed the presence of key stakeholders, including the Commissioner of Police, Edo State Command, the Police Public Relations Officer, and the Edo State POCACOV Coordinator, ASP Kingsley Upeh. The team engaged students in an insightful and impactful session focused on the dangers of cultism, bullying, and other social vices prevalent among youths.

During the session, students were educated on the severe and far-reaching consequences of cult-related activities. These include violence, loss of lives, disruption of academic pursuits, and long-term damage to personal reputation and future opportunities. The speakers also highlighted how peer pressure, drug abuse, and negative social influences often serve as gateways into criminal behavior.

In an interactive segment, the Commissioner of Police stressed the legal implications of engaging in criminal acts, noting that involvement in cultism and related offences could lead to arrest, prosecution, and lifelong consequences that may hinder personal growth and career aspirations.

The issue of bullying was also extensively addressed, with emphasis on both its legal ramifications and psychological impact on victims. Students were encouraged to speak up against bullying, report incidents to school authorities or law enforcement, and support peers who may be affected.

Furthermore, the outreach underscored the importance of self-discipline, moral values, and making informed life choices. Students were urged to become ambassadors of peace within their schools and communities by rejecting violence and promoting unity and mutual respect.

The POCACOV team reiterated its commitment to continuous engagement with young people through awareness campaigns, community outreach, and strategic partnerships aimed at preventing crime before it occurs. The initiative aligns with the Nigeria Police Force’s proactive approach to policing, which prioritizes education, prevention, and community involvement.

 

POCACOV Takes Fight Against Cultism And Bullying To Schools In Edo

Continue Reading

society

COAS Launches Nationwide Security Renewal Mission in Plateau

Published

on

COAS Launches Nationwide Security Renewal Mission in Plateau

 

 

 

The Chief of Army Staff, Lieutenant General Waidi Shaibu, on Thursday led a high-level delegation of security chiefs to Plateau State, flagging off a nationwide security renewal mission aimed at strengthening civil-military cooperation and restoring lasting peace across the country.

The visit to Jos, the Plateau State capital, marks the first phase of a coordinated national effort to address persistent security challenges through joint operations, community engagement, and proactive intelligence gathering.

COAS Launches Nationwide Security Renewal Mission in Plateau

Governor Caleb Muftwang received the delegation, describing the initiative as a critical step toward stabilizing affected communities and reinforcing public confidence in security institutions.

Civil-Military Synergy Takes Centre Stage

At the heart of the mission is a renewed emphasis on collaboration between the military, civil authorities, and local communities. Speaking during the visit, Lt. Gen. Shaibu stressed that national security must be treated as a collective responsibility.

He urged citizens to support security agencies by remaining vigilant, sharing credible information, and complying with lawful directives, noting that effective security cannot be achieved in isolation.

Community Engagement as Confidence-Building Tool

In a departure from purely operational engagements, the Army Chief held direct consultations with community leaders and residents in Jos, reinforcing the importance of trust and dialogue in conflict resolution.

Lawmakers, including Dachung Bagos and Ladi Dangyok, commended the initiative, stating that visible engagement by top military leadership helps rebuild confidence among citizens and fosters cooperation.

Proactive Security Operations Underway

Operational updates were provided by Major General Folusho Oyinlola, who disclosed that troops under Operation Enduring Peace have intensified surveillance, intelligence-led patrols, and coordinated actions with other security agencies.

According to the Army, the approach is designed to prevent escalation of threats, safeguard lives and property, and stabilize vulnerable communities before crises emerge.

A Shift Toward Sustainable Peace

Military authorities emphasized that the Plateau visit is part of a broader, long-term strategy to transition from reactive responses to sustainable peacebuilding nationwide. The framework includes strengthening local resilience, ensuring justice, and maintaining continuous engagement with stakeholders.

Analysts view the initiative as a significant policy shift, reflecting a more inclusive security architecture that integrates community participation with military operations.

Call for National Unity

The Army leadership concluded with an appeal to Nigerians to reject divisive narratives and support ongoing efforts to promote unity and peace.

“The success of this mission depends not only on the armed forces but on the cooperation of every citizen,” the COAS stated.

The nationwide security renewal campaign is expected to extend to other regions in the coming weeks as authorities seek to consolidate gains and build a safer, more unified Nigeria.

 

Continue Reading

society

IGP Disu Visits Plateau, Orders Tactical Deployment To Reinforce Security

Published

on

IGP Disu Visits Plateau, Orders Tactical Deployment To Reinforce Security

The Inspector General of Police, Olatunji Disu, on Thursday paid a working visit to Plateau State following recent unrest, holding strategic talks with Governor Caleb Muftwang on measures to strengthen security and prevent further disturbances.

As part of immediate steps to stabilise the situation, the police chief authorised the deployment of specialised tactical units to support officers already on ground across affected areas.

Governor Muftwang commended the swift intervention of the police leadership, praising the dedication and professionalism of security personnel working to restore calm. He also acknowledged the efforts of mobile police officers and lauded the leadership of the state’s Commissioner of Police, Bassey Ewah.

Both the Nigeria Police Force and the Plateau State Government reaffirmed their commitment to safeguarding lives and property, stressing that enhanced collaboration remains key to restoring lasting peace in Plateau State, popularly known as the Home of Peace and Tourism.

 

IGP Disu Visits Plateau, Orders Tactical Deployment To Reinforce Security

Continue Reading

Cover Of The Week

Trending