• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

REVEALED: This is why Jumia didn’t list in Nigeria

Damilare Famuyiwa by Damilare Famuyiwa
May 16, 2019
in Business News, Company News
Jumia is serious about curtailing its losing streak
Share on FacebookShare on TwitterShare on Linkedin

E-commerce giant, Jumia, has disclosed that the lack of long term investors in e-commerce business in Nigeria and Africa at large, prompted its Initial Public Offering (IPO) on the New York Stock Exchange.

While lamenting that there are no investors in Nigeria and Africa who will invest and wait for long term returns on investment (RoI), Jumia Nigeria’s Chief Executive Officer (CEO), Juliet Anammah, said in the United States of America, the game is different.

According to Anammah, e-commerce platforms are not reputed to make a profit in the short term. She gave examples of Alibaba‘s investors whpo all waited for long term RoI.

RelatedStories

GTCO to write off Aiteo loan and switch to aggressive recovery plan

GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025
Stock market kicks off September in the red: ASI slips 0.15% amid declining trading volume 

Nigerian Stocks start July in red as All-Share Index slips 0.2%; Ellah Lakes leads daily volume 

July 2, 2025

The Jumia boss, however, did not rule out an African listing, saying that it may happen by 2022 when investors must have understood the dynamics of the industry.

As Nairametrics reported, the e-commerce giant officially announced its listing on the New York Stock Exchange. The company’s share reportedly soared by 75% during its Friday NYSE debut, even as it traded at $25.46 by close of business. This pegged the company’s valuation at $1.9 billion as at close of business, Friday.

Meanwhile, a U.S based online investment newsletter, Citron Research, alleged afterwards that Jumia‘s shares are worthless and that they had never “seen such an obvious fraud”. This caused Jumia‘s share price to decline by over 18%.

According to Citron, Jumia “fudged its numbers” ahead of filing documents for its listing in the US. Here are some of the allegations;

  • Jumia’s largest shareholders MTN and Rocket Internet wanted to exit the company after it reported in 2018 that it had a year’s cash left.
  • Jumia’s revenue declined from $145 million to $131 million while adjusted EBITDA loss went from $161 million to $150 million.
  • It claimed Jumia had in 2018 presented an investment memorandum that had information that was grimmer than what is presented for its IPO in 2019. Thus alleging that some critical information that could have priced the stock lower was removed.
  • Some of the material discrepancies it claimed Jumia reported include a rise in active consumer numbers from 2.1 million in October 2018 to 2.7 million by April 2-19. Suggesting that this could not have been true.
  • It also claimed that active merchants moved from 43k to 53k between the same period as well.
  • It further 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.” 
  • Thus implying that most of its orders were cancelled in 2018.
  • The report also accused Jumia of corporate fraud and related party infractions.

Follow us for Breaking News and Market Intelligence.
Tags: AlibabaE-commerceJumiaLong Term InvestorsNew York Stock ExchangeNigerian Stock Exchange
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Related Posts

GTCO to write off Aiteo loan and switch to aggressive recovery plan
Breaking News

GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025
Stock market kicks off September in the red: ASI slips 0.15% amid declining trading volume 
Equities

Nigerian Stocks start July in red as All-Share Index slips 0.2%; Ellah Lakes leads daily volume 

July 2, 2025
Why did Legend Internet shares gain 32% in just one week? 
Company Results

Why did Legend Internet shares gain 32% in just one week? 

June 16, 2025
Jumia cuts operating loss by 64% amid revenue decline 
Business News

Jumia ramps up strategy to counter Chinese rivals Temu, Shein amid investor pressure 

June 15, 2025
Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%
Equities

SEPLAT leads value as All-Share Index gains 0.56%, ABCTRANS and BETAGLASS shine 

June 12, 2025
Jumia
Sectors

Baillie Gifford exits Jumia, closing a major chapter in African e-commerce investment

June 11, 2025
Next Post
MTN Nigeria Listing

LIVE UPDATE: Events from MTN Nigeria's listing on the NSE

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths
  • FG to end fish importation, create jobs and boost food security through aquaculture 

Follow us on social media:

Recent News

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
Nigeria’s disease burden could reach 21% due to climate change – Report

FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics