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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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Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos

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Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos By Ifeoma Ikem

Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos

By Ifeoma Ikem

 

A property dispute within the Omotayo-Ojo family has taken a dramatic turn following a controversial demolition exercise at a residential building in Ikosi-Ketu, Lagos State, which reportedly left tenants displaced and led to the detention of some police officers allegedly involved in the operation.

 

 

The property, located at 23B Loveall Street, Ikosi-Ketu, has been the subject of a prolonged ownership tussle since the death of its owner, Chief Oludola Omotayo Ojo, the Babaalaje of Imesi-Ile, Osun State, in 2019.
Residents said tension erupted when a group of individuals, accompanied by security operatives, stormed the premises and commenced demolition activities.

 

 

According to eyewitnesses, portions of the building were pulled down while tenants rushed to salvage their belongings from affected apartments.

 

 

The residents alleged that windows, doors and roofing sheets were damaged during the exercise, exposing parts of the building to the elements and causing significant losses to occupants.

 

 

At the centre of the dispute is Mrs Mojisola Omotayo Ojo Alolagbe, who claimed that the property was allocated to her by her late father during his lifetime as a source of financial support.

 

She alleged that some family members had persistently challenged her ownership claim despite ongoing legal proceedings relating to the administration of the deceased’s estate.
Alolagbe further claimed that the latest incident was part of a series of attempts to wrest control of the property, citing previous cases of alleged vandalism and partial demolition in November 2025, January 2026 and February 2026.

 

 

The situation escalated further when reports emerged that police officers allegedly involved in the demolition were later apprehended and conveyed in a Black Maria vehicle over questions surrounding the legality of their participation in the operation.

 

Sources familiar with the matter said those behind the demolition had initially claimed to be acting on approval from the Lagos State Ministry of Lands. However, the authenticity and extent of such approval could not be independently verified as of the time of filing this report.

 

 

The development has generated concern among residents and community members, who questioned the involvement of security personnel in what they described as a civil matter.

 

 

Some tenants, who said they had recently renewed their tenancy agreements, lamented the destruction of their property and appealed to the authorities for protection and possible compensation.

 

They also called for a thorough investigation into the circumstances surrounding the demolition, insisting that the rights of all parties involved should be protected.
Stakeholders have urged the Lagos State Government, security agencies and the judiciary to intervene and ensure that the dispute is resolved through lawful means to prevent further escalation.

 

 

The controversy has continued to draw public attention, raising concerns over property rights, estate administration and the role of law enforcement agencies in civil disputes.

 

Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos

By Ifeoma Ikem

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UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin

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UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin.

May 30, 2026 – As the month of June gathers momentum, the *United Kingdom of Atlantis, UKA*, a sovereign nation has unveiled a series of vital guidelines and preparatory packages to ensure citizens and stakeholders run the *ATC Exchangeability* process effectively.

In an official update, the *President of Atlantic Crown Limited, Empress of Attica Empire UKA*, confirmed that the *Final Test Run of ATC Exchangeability* is scheduled for the month of June 2026. The exercise marks a key phase ahead of the *Official Exchangeability Window, set to run from July 2026 to February 2027*.

### Key Highlights from the Presidential Briefing
1. *Final Test Run – June 2026*
The test run is designed to validate systems, procedures, and user readiness before full activation. Citizens, partners, and designated participants are urged to follow all official advisories released by UKA authorities during this period.

2. *Official Exchangeability Period*
Following the successful completion of the June test run, the Official Exchangeability will commence in july 2026 and we are Expecting Full Exchange ability between July Ending, 2026 to February 2026.

UKA stated that detailed schedules, eligibility requirements, and step-by-step instructions will be communicated progressively through verified UKA channels.

3. *Benefiting Packages for June*
In line with UKA’s commitment to citizen empowerment, the month of June will feature “benefiting packages” aimed at education, preparation, and seamless onboarding. These packages are intended to equip the people of UKA with the knowledge and tools needed for effective participation.

4. *Commitment to Transparency*
Addressing the nation, the Empress of Attica Empire UKA emphasized:
_“Final Test Run of ATC Comes up in The Month of June, As We Prepare For The Official Exchangeability, Between July 2026 To Feb 2027. All Information Will Be Communicated.”_
UKA reaffirmed that only information released through official UKA platforms should be regarded as authoritative.

The United Kingdom of Atlantis is encouraging all citizens, representatives, and interested parties to remain alert to official communications, attend designated orientation sessions, and avoid unofficial sources. UKA’s dedication to order, clarity, and the collective benefit of its people as the nation moves into this significant phase.

For updates, advisories, and participation guidelines, citizens are advised to monitor official UKA communication channels.

United Kingdom of Atlantis, UKA, is a sovereign nation, committed to national development, citizen welfare, and structured economic participation through initiatives such as ATC Exchangeability.

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Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

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Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

 

 

Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has commended President Bola Ahmed Tinubu for what he described as bold economic reforms and improved security efforts as the President marks three years in office.

 

 

 

 

In a goodwill message on Thursday to commemorate Tinubu’s third anniversary as President and Commander-in-Chief of the Armed Forces, Buratai said the administration had taken courageous decisions that would leave a lasting impact on Nigeria’s development.

 

 

 

According to him, President Tinubu broke a long-standing cycle that had hindered national growth by removing fuel subsidy and implementing foreign exchange reforms aimed at stabilising the naira and strengthening the economy.

 

 

 

 

He noted that the reforms were beginning to yield positive results, citing the global acceptance of Nigerian debit cards, the gradual revival of local refineries, access to student loans, and ongoing road and infrastructure projects across the country.

 

 

 

“The FCT Administration has also recorded remarkable progress, completing major road projects that remained unfinished for over 16 years,” Buratai stated.

 

 

 

The former army chief also praised the administration’s security efforts, saying renewed military offensives against insurgents, terrorists and bandits had led to notable successes across various parts of the country.

 

 

 

He specifically lauded recent joint operations involving Nigerian and United States forces against Boko Haram and ISWAP in the North-East, as well as intensified counter-banditry operations in the North-West.

 

 

 

 

“We have seen notorious ISWAP commanders being neutralised. I congratulate the Commander-in-Chief, the Minister of Defence, the Chief of Defence Staff, the Service Chiefs, the Inspector-General of Police and heads of intelligence agencies for their efforts,” he said.

 

 

 

 

Buratai, however, acknowledged that challenges remained, stressing the need for more aggressive military operations and intelligence-driven strategies in the coming year.

 

 

 

 

While urging Nigerians to remain hopeful, he said celebrating the President’s achievements did not amount to ignoring the difficulties facing the nation.

 

 

 

 

“Because you truly care, you have shown the courage to trade short-term comfort for long-term hope. Nigerians need your reassurances, and that is why we remain optimistic and full of confidence,” he added.

The retired military officer reaffirmed his support for the Tinubu administration and expressed confidence that the foundation being laid by the government would deliver a brighter future for the country.

 

He also prayed for God’s guidance, wisdom, strength and good health for the President as he continues to lead Nigeria.

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