According to news reports this week, online classifieds marketplace, Efritin.com has closed shop in Nigeria due to Nigeria’s economic conditions, 16 months after its launch.
“It basically has to do with the fact that we didn’t get desired returns on our investment, so we decided to scale back on our investments in Nigeria and that means we are forced to let many people leave the company,” Nils Hammar CEO of Saltside, owners of Efritin told ITWeb Africa in an interview.
The staff of the company are already leaving the head office, which is located in Ikeja and the properties of the company are being put up for sale. However, the company clarified that the site is not going to be shutdown but it will be up and running as it has been. But how do they intend to manage this?
“I think the data cost in Nigeria is very high. In comparison to other parts of West Africa, Africa and the rest of the world, it is very expensive to use the Internet for the vast majority of the people. It is very difficult for e-commerce and classifieds because they are quite late in the evolution of the Internet industry,” said Nils.
Why Efritin.com may not have closed shop because of Nigeria’s economic condition
It would be recalled that in November 2016, it was reported that the former marketing manager of Efritin.com, Uche Ajene who is well known in the online retail space had accused the Somalian national and former MD of Efritin.com, Zakaria Hersi of stealing thousands of dollars, turning a blind eye to internal mismanagement and false fully creating invoice trails.
According to Techmoran, senior members of Efritin.com management who pleaded anonymity say that Zakaria Hersi’s activities were the beginning of the end for Efritin.com Nigeria as they struggled to raise further investment to scale the business.
The company is also reported to have 10 court cases in Nigeria that would cost it about N20million in fees. Although in an interview with ITWeb Africa, Nils Hammar CEO of Saltside, owners of Efritin refused to comment on the court cases and said it was not the reason why they were closing shop in Nigeria.
“I’m not commenting on any legal issues whether it’s true or its status. I understand the question from your point of view, but I cannot comment on it,” said Nils.
Looking at the issues that faced the company one will wonder if the high cost of data or Nigeria’s economic condition is the real reason why they are closing shop in Nigeria.

https://naija247news.com/2017/01/15/why-we-shut-down-efritin-com-in-nigeria-ceo-nils-hammar/

What is efritin.com?

Let them just say jiji and olx chased them out.

Iyen deep. The citiz6sef dey run comot and you are expecting to stay.

Even the President is not always around

Hmm..Didn't even like to post ads on.the site
Well dont forget to check this out
https://www.nairaland.com/4088478/Start Different Online Business and make more than $40 a day

They have confirmed it also. Nothing works in the zoo.

If a company that did so much advertising and publicity couldn't survive in our nation, I wonder what the future holds for we aspiring entrepreneurs.

.

Yur brand is UNKNOWN.

The competition is keen these days.

Just keep your chin up, gather yourself and apply the lessons to move forward.

Good luck.

v

Abeg who know them?

HumanistMike:
The competition is keen these days.

Just keep your chin up, gather yourself and apply the lessons to move forward.

Good luck.

Do you know in conclusion you didn't make any point ..... Must you comment without thinking Smh for your generations

OLX enjoys better patronage

Second time i will see this comment today, is this your new punchline to get likes?

Chukason1:




Do you know in conclusion you didn't make any point ..... Must you comment without thinking Smh for your generations

Poor management

The name sef... What da hell is efrintin?

wiringdpt:
Second time i will see this comment today, is this your new punchline to get likes?

Shut up there who are you

obiageIi:
Poor management

For your mind ... You made a point .......

If Google can be working this hard though it is still top among the Internet giants, efritin.com should have done better



And by the way, the CEO made valid points about the data issue in Nigeria. Though it's not an acceptable excuse

I just noticed for the first time. I didn't even know it has been shutdown

The cost of data in Nigerian is too high. Our senators are there sleeping and taking half of our annual budget as salary for sleeping. They never address issues of importance. In Dubai, You can do everything online. Crash the prices of data and internet business will thrive. Instead the FG impose tax upon tax on companies making it impossible for them to adequately function.

Hmmmm

I almost bought a car through their site last year. The only problem I discovered was that Custom officers use that site a lot to auction impounded goods.

Eeyah.


GET RID OF STRETCH MARKS, CHECK MY SIGNATURE!

modelmike7:
If a company that did so much advertising and publicity couldn't survive in our nation, I wonder what the future holds for we aspiring entrepreneurs.

afraid de catch me sef .

na wa o

Effitin down, Gomyway down

Buhari why?

Sad

kai
Apparently, there is no keke or danfo in Lagos without that their white efiritin sticker at the back

Truly, this administration has never been a friend to business