Thursday, July 3, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Africa

Jumia’s Shares drops after Citron Research, Andrew Left Calls it ‘Obvious Fraud’

Tech Gist Africa by Tech Gist Africa
05/10/2019
in Africa, Africa News, News
0 0
0
Jumia’s Shares drops after Citron Research, Andrew Left Calls it ‘Obvious Fraud’
0
SHARES
Share on FacebookShare on Twitter

The opening words of Citron Research 12 pages PowerPoint Presentation has called Jumia—African biggest e-commerce market, an ‘obvious fraud’. This statement provoked a reaction that has caused Jumia’s IPO on NYSE to fall at almost 20%.

There has been a lot of controversy surrounding Jumia’s listing on NYSE. Popular African techpreneurs like Rebecca Enchong have questioned how African Jumia is. This is because the e-commerce company is French owned, German registered and also hires Portugal-based developers. MTN Group, one of the major shareholders in Jumia recently sold their stakes in the company.


See also: Here is Why Nigeria’s National ID Card Scheme is Not Working


Jumia reported a loss of over $1.1 million between 2017 and 2018 to cyber fraud and robbery a few weeks before the IPO. This was part of the filings they sent to the US Securities and Exchange Commission (SEC). The recent report by Citron might be an avenue for SEC to investigate Jumia for fraud.  

Citron reported that about 41% of orders on Jumia were either returned, not delivered or cancelled. They also claim that Jumia failed to include this information in their F-1 filing. Jumia, on the other hand, filed that about 14.45% of their Gross Merchandise Volume were either failed deliveries or returned by consumers in 2018. Citron stated in the report that Jumia’s corporate fraud is well documented by local Nigerian newspapers.

 

More on TechGist Africa:

  • Kasha Launches Female Healthcare e-Commerce Platform in Kenya
  • Cell C Provides Public Access Wi-Fi for Free State Provinces, South Africa
  • Venture Capital Firm, ‘SoGal’ to Empower Female Entrepreneurs in Johannesburg
  • Irish Fintech Startup, Umba, Looks to Improve Mobile Payments in Africa
  • An Interview with Plantheus: Leveraging on Artificial Intelligence to Tackle Crop Diseases
ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

Related Posts

Apple WWDC 2025
Events

Apple Unveils iOS 26, macOS Tahoe, and AI Innovations at WWDC 2025

by Tech Gist Africa
06/15/2025
0

Apple kicked off its annual Worldwide Developers Conference (WWDC) with a series of announcements highlighting significant advancements in software design...

Read more
Zero Carbon Charge South Africa

Zero Carbon Charge, a South African startup secures US$5.6 Million investment

06/15/2025
Kera Senegal

KERA, a Senegalese E-Health Startup Secures $10 Million Funding

06/15/2025
Nile South Africa

Nile, a South African Agri-Tech Startup Secures $11.3 Million in a funding round

06/15/2025
DHL Group

DHL Group to Invest $575 Million in Healthcare and Logistics Expansion Across Africa and the Middle East

06/15/2025
Next Post
US-based Media Analytics, ‘Comscore’ brings Box Office Measurement to Africa

US-based Media Analytics, ‘Comscore’ brings Box Office Measurement to Africa

Facebook, Udacity to Provide AI Scholarships for Developers, Jumia’s Shares drops after Citron Research, Andrew Left Calls it ‘Obvious Fraud’ and More

Facebook, Udacity to Provide AI Scholarships for Developers, Jumia’s Shares drops after Citron Research, Andrew Left Calls it ‘Obvious Fraud’ and More

Africa Tech News Roundup

African Tech News Roundup

No Result
View All Result

The Big 5

Blockchain

The Role of Blockchain in Enhancing Africa’s Financial Systems and Security

by Tech Gist Africa
06/30/2025
0

...

Artificial Intelligence

How Artificial Intelligence is Transforming Industries Across Africa

by Tech Gist Africa
06/23/2025
0

...

Africa startups

Kenyan Startups Invited to Apply for €100,000 develoPPP Ventures Grant

by Tech Gist Africa
06/15/2025
0

...

Neuralink Elon Musk

Neuralink Secures $650 Million in Series E Funding to Advance Brain Implant Technology

by Tech Gist Africa
06/15/2025
0

...

Telegram Grok

Telegram Scores $300 Million xAI Deal to Integrate Grok Across One Billion Users

by Tech Gist Africa
06/15/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.