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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

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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.

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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.

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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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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

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Eko Cares: Group Commends Sanwo-Olu’s Compassionate Leadership On Social Interventions

 

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Governor Babajide Sanwo-Olu of Lagos State has garnered praise from The Mandate Movement for his decisive actions in the face of economic challenges with the launch of the ‘Eko Cares’ initiative. The initiative, aimed at alleviating the hardships faced by residents, particularly the economically vulnerable, has been lauded as a significant step towards improving livelihoods in the state.

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The Chairman of The Mandate Movement, Abdullahi Ayinde Enilolobo, conveyed his gratitude to Governor Sanwo-Olu through a member of the group’s Central Working Committee (CWC), Prince Adewale Arogundade, for spearheading various interventions aimed at mitigating the adverse effects of inflationary trends. A total of 300,000 households are expected to benefit from the inaugural program.

According to Enilolobo, “This holistic approach shows Governor Sanwo-Olu’s commitment to addressing the multifaceted challenges facing Lagosians and ensuring that no one is left behind in the pursuit of progress. Additionally, measures such as free ante-natal care, reduced transportation fares, and support for small businesses underscore the government’s dedication to improving the quality of life for all residents.

“We at The Mandate Movement commend Governor Sanwo-Olu for this initiative put together for the residents of Lagos, which also collorates with the wonders of the Asiwaju Bola Ahmed Tinubu-led administration. This clearly shows that the All Progressive Congress (APC) remains a beacon of hope for Lagosians, and Nigerians at large.”

Residents across Lagos have begun to laud the ‘Eko Cares’ initiative, stating that the government has shown determination to prioritize the well-being of its citizens, embodying the principles of empathy, inclusivity, and resilience in the face of adversity.

 

Eko Cares: Group Commends Sanwo-Olu's Compassionate Leadership On Social Interventions

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An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

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An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro's Leadership Legacy

An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

 

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

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Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

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Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

 

An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro's Leadership Legacy

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Bullying: Victim may sue As Abuja School Shut

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Bullying: Victim may sue As Abuja School Shut

Bullying: Victim may sue As Abuja School Shut

 

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Lead British International School Abuja, which has been in the eye of the storm over viral videos of bullying involving some of its students, has been shut for three days.

The shutdown order was issued on Tuesday by the Minister of Women Affairs, Uju Kennedy-Ohaneye.

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The Public Relations Officer of the FCT Education Secretariat, Kabiru Musa,  confirmed that the school had been shut down by the minister.

“Yes, it was shut down by the honourable Minister of Women  Affairs for 3 days,” Musa in response to a Whatsapp message by one of our correspondents.

 

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staff member of the school, whose name could not be ascertained as of press time, had earlier announced the shutdown of the school by the minister.

The PUNCH reports that an X user, @moooyeeeee, had on Monday night posted two videos of a female student of the school being repeatedly slapped by another female classmate.

The user called for justice for the victim. Since they were posted, the videos have drawn the wrath of many users of the microblogging platform, who condemned the incident and called for the school authorities to investigate and punish the culprits.

 

A third video depicting a separate case of bullying at the Lead British International School, Abuja emerged on Tuesday.

In the new video posted on Tuesday, some male students in the school’s uniform are seen surrounding another boy who appears to be in casual attire.

A student slapped the boy, who was on his knees, and then some of the other boys who were gathered appealed to stop the ‘bully’ from further harming the boy, who was later whisked away in the nine-second video.

An X user, @PopoolaJoke4, who posted the video wrote, “No be the same school?”, in response to the first viral video of bullying in the same school that was released earlier.

In one of the videos of the minister’s visit, the  representative of the school was heard saying, “By the request of the Minister of Women Affairs, we are Nigerians who respect rules and regulations and we are under the law because our school is actually recognised and our school is under the Federal Capital Territory, and we are registered and based on that, Lead British International School, Abuja is hereby shut  for three days.”

As of the time of filing this report, our correspondent could not ascertain whether the FCTA would use the occasion to investigate other private schools in which alleged cases of bullying take place in the FCT.

Victim threatens lawsuit

 

Namtira Bwala, the student assaulted by her fellow students at Lead British International School, has written the school management, demanding a thorough investigation and heavy sanctions for the 11 students who bullied her.

Two of the bullies were identified tobe Maryam Hassan and a certain Faliya.

Bwala, in a letter addressed to the management of her school through her lawyers at the Deji Adeyanju and Partners Law Firm, gave the school an ultimatum of 48 hours after which she will seek legal redress.

 

A copy of the letter obtained by The PUNCH read, “Our client and several other parents in Lead British International School have informed us and we verily believe them that this act of bullying is a reoccurring issue in the school, and despite several attempts to draw the school’s attention to it, the issue has persisted, leaving our client traumatised from the emotional and physical effect of the oppressive acts by these daredevil bullies.

“Our client completely dissociates herself from the statement issued by the school on April 22, 2024, wherein a case of battery was unconscionably referred to as an ‘incident between minors’.

“Sequel to the foregoing, we have our client’s instruction to demand an immediate investigation and the pronouncement of the stiffest possible sanctions in the student’s rule book on Ms. Maryam Hassan, Miss Faliya and nine other students who have formed a cult of bullies in Lead British International School, Gwarimpa, Abuja.

“Please note that if the school fails to sanction the student bullies within 48 hours of the receipt of this letter, we have our client’s further instruction to seek an immediate and severe legal redress against Lead British International School, Gwarimpa, without further recourse to you.”

 

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