₦airaland Forum

Jumia’s stock is soaring on its first day of trading on the New York Stock Exchange


By Yomi Kazeem

April 12, 2019


Jumia’s historic initial public offering has gone live trading on the New York Stock Exchange—and its stock shot up.

After the ceremonial ringing of the NYSE bell by company executives, Jumia’s first official day of trading on the New York Stock Exchange began. And, as investors specialized in backing e-commerce companies in emerging markets predicted to Quartz Africa, Jumia garnered investor interest and enjoyed an impressive first day run. Its stock, which was priced at $14.5, closed up 75%.


While the sharp jump on its first day of trading signals a positive outlook from investors, it is by no means a permanent trend as another recent high-profile tech IPO proves. After launching amid strong interest and gaining on its share price on its first trading day, ride-hailing company Lyft has broken its IPO price just two weeks after its launch.


Jumia’s major executives including Sacha Poignonnec, co-CEO of Jumia Group, and Juliet Anammah, chief executive of Jumia Nigeria, were present to ring the opening bell on the exchange ahead of the launch. With its shares priced at $14.5 after initially setting a share price range between $13 and $16, Jumia offered 13.5 million shares for purchase and raised $196 million. The stock opened at $18.95.


Jumia co-CEO Sacha Poignonnec applauds as Jumia Nigeria CEO Juliet Anammah, center, rings a ceremonial bell when the company’s stock begins trading, on the floor of the New York Stock Exchange,
The listing is a watershed moment for Africa’s tech ecosystems as Jumia, the largest e-commerce company on the continent with operations 14 countries, is the first Africa-focused tech company to launch on NYSE or any major global exchange—and that novelty was played up throughout the launch event.

https://qz.com/africa/1594036/jumia-ipo-shares-up-more-than-50/

Jumia: 'Africa's Amazon' in landmark stock market listing
12 April 2019

Jumia delivers goods via scooter and offers a variety of payment options
Shares in Africa's largest e-commerce firm have debuted on the New York stock market, which could see other tech start-ups on the continent follow suit.

Jumia is listing 17.6% of the company at $14.50 a share, giving the company "unicorn" status - a technology start-up worth $1bn-plus.

It is the first tech start-up from Africa to float on Wall Street.

The so-called "Africa's Amazon" has 4 million customers on a continent where just 1% of retail sales are via online.

Jumia was founded in Lagos, Nigeria, by two French entrepreneurs in 2012 and now offers services to most of the African population, in countries such as South Africa, Tanzania, Egypt and Ivory Coast.

Its largest shareholder is MTN, Africa's biggest telecoms company.


Media captionA Jumia Food customer orders food on the app
The company said on Friday that the flotation on the New York Stock Exchange would raise $196m (£150m) for shareholders and for future investment. Jumia's financial advisers had been pitching the shares to investors at between $13-$16 each.

Jumia operates in 14 countries, including Kenya, Ghana, Algeria, Angola, and Senegal. The website sells everything from electronics to clothes, and there is a hotel and flight booking site, and a takeaway food delivery platform. In Kenya, Jumia has teamed up with French supermarket giant Carrefour to offer online deliveries.


The company's sales jumped by almost 40% last year to $147.3m.

The BBC's Africa Business Editor, Larry Madowo, said that Jumia was not yet profitable and had accumulated losses of nearly $1bn since it was founded.

Although there are technical and infrastructure hurdles to growing Africa's online retail market, he said a big selling point was that Jumia accepted mobile money payments across a continent where few people have credit or debit cards.

However, he said Jumia faced tougher competition. "Its initial public offering coincides with the launch of a competing app from global logistics provider DHL allowing consumers in 11 African countries to buy directly from global retailers.

"The DHL Africa eShop brings together more than 200 American and British retailers and will deliver directly to homes, something Jumia has struggled with."

Erik Hersman, chief executive of Nairobi-based internet and software firm BRCK, said Jumia's listing sent an important signal to other African start-ups that a major stock market listing was possible.

"It's an important event in the evolution of the African tech scene," he told the BBC last month.

https://www.bbc.com/news/business-47909150?ocid=socialflow_facebook

yungpowers:
What are Nigerians yearning for aside the primary social amenities? We can do better if we're provided with electricity too, after all it ain't free, we're ready to pay, just supply power constantly and see explosions in our states IGRs.
Only if this will still go down south as she said.

Lagos - Ibadan Rail will be ready this year by the grace of God.

Bolaji25:
Thanks to GEJ

12 more years of Sifia Pain... .

Next thing for us is maintenance. A job for everyone.

FACT CHECK: Did Atiku hire US lobbyists to get him recognised as president or was the story fabricated?

By 'Kunle ADEBAJO On Apr 11, 2019

ON Tuesday, the Centre for Responsive Politics, a nonprofit research group based in Washington DC, reported that presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, is lobbying the United States to recognise him as Nigeria’s “authentic president”.

Basing its report on FARA (Foreign Agents Registration Act) filings, the Centre said Bruce Fein and his firm Fein & DelValle PLLC registered as foreign agents on Abubakar’s behalf to provide legal, consultancy, and public advocacy services over a 90-day period for $30,000.

“In the contract, Fein’s firm is explicit in promising to ‘obtain official recognition that you are the authentic President of Nigeria based on an accurate counting of legal ballots.’ The goal of the effort is straightforwardly described as ‘to convince the United States that your presidency would open a fresh and new chapter in Nigerian politics,'” it stated.

The following day, the Centre’s findings were shared by various local news agencies, including TheCable and Sahara Reporters.

Atiku’s swift dismissal
Reacting on Wednesday, Atiku through his spokesman, Paul Ibe, denied the reports and described them as “total fabrication” and “fake news” by the All Progressives Congress, which it alleged to have lying as its “only bragging rights of competence.”

“Since Atiku resisted pressure not to go to court, the APC has been behaving like a cat on hot bricks because the outcome of the 2019 elections has exposed and shattered the facade of their dubious integrity,” Ibe said in the statement. “The APC are behaving nervously like a thief living under the fear of being exposed and shamed; they are now using fake news against Atiku instead of focusing on defending themselves in the court.”

He added: “For a party that has broken the worst record in election rigging, the APC doesn’t have any iota of integrity to be taken seriously by anybody. Atiku’s court case has become their biggest burden because it exposes their integrity as a sham, and instead of defending their stolen mandate in court, they are now using fake news to divert public attention from the historic electoral heist they have committed against Nigerians.

“No amount of diversionary propaganda and fake news campaign by APC will stop Atiku Abubakar from continuing the court action he started to reclaim the stolen mandate.”

Our findings
The United States, in 1938, passed a law known as the Foreign Agents Registration Act (FARA). FARA requires agents representing foreign principals in a “political or quasi-political capacity” to disclose the nature and details of their contract with the other party.


Some of Atiku Abubakar’s contracts with US organisations. Source: fara.gov
All disclosures made are uploaded onto an online database by the US Department of Justice and made accessible to the public. On April 2, Fein & DelValle PLLC, Washington DC-based law firm, registered an active contract it has with “Atiku Abubakar and the People’s Democratic Party of Nigeria”, with registration number 6654.

In the part of the registration form requiring the nature and method of executing the agreement, Fein & DelValle stated that it will be providing “legal, consultancy and public advocacy services to encourage Congress and the President to forebear from final declaration and recognition of a winner of Nigeria’s February 23, 2019 presidential ejection until outstanding legal challenges to the initial Government of Nigeria assertion that incumbent President Muhammadu Buhari was the victor are impartially and independently resolved by the Supreme Court of Nigeria without political or military influence, intimidation, or manipulation; and, engage in public advocacy to applaud all candidates in the presidential election who are supporting and following the rule of law in resolving the outstanding electoral disputes.”

The law firm, according to the agreement, is expected to consult with Congress members towards passing House and Senate resolutions to restrain from a final recognition of a winner pending a fair determination of the legal issues, draft articles and op-eds “to spotlight the issues in Nigeria post-2019 presidential election and to promote the rule of law and due process in resolving electoral disputes in Nigeria”, and then “make television and other media appearances to engage in public advocacy discussions of these issues”.

It also attached a letter written to Atiku on March 20, where it said the terms of the contract include its representation of the PDP candidate “in the United States and in international forums to obtain official recognition that you are the authentic President of Nigeria based on an accurate counting of legal ballots cast on February 23, 2019.”




Fein & DelVille agreed to help Atiku secure recognition as the authentic President of Nigeria.
Asides this agreement, The ICIR also discovered an earlier contract between Atiku and John Barnett registered in February where the presidential candidate offered to pay the lobbyist $150,000 to facilitate a trip to Washington DC, the US capital.

Our verdict
Atiku Abubakar’s claim that the report about his contract with the US firm is a “total fabrication” is false.

Information on the US Justice Department’s FARA portal establish that such contract exists, where Atiku is seeking to be acknowledged abroad as “the authentic President of Nigeria” based on PDP’s grounds for challenging the declared results.

We brought our findings to the attention of Ibe on Thursday but the call was abruptly ended and another call placed to him immediately after was not answered. A text seeking to confirm whether the PDP has seen documents from the US government contradicting its press statement has also not been replied.

https://www.icirnigeria.org/fact-check-did-atiku-hire-us-lobbyists-to-get-him-recognised-as-president-or-was-the-story-fabricated/#.XK__D5KKbD0.twitter

No Lefelendum, no erection.

I like the MAP of Nigeria made from the quarried stone

Next place EFCC should visit is the Passport office. Nobody should have to pay for Nigerian Passport above the official price.

EFCC arrests eight for selling train tickets for N15,000 in Abuja, Kaduna

Published April 8, 2019
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Adelani Adepegba, Abuja

Operatives of the Economic and Financial Crimes Commission have arrested eight suspected train ticket racketeers in Abuja and Kaduna.

The agency said Clement Zakka, Udim Samson, Adams Danladi, Otitomoni Omobolanle and Hassan Dauda were nabbed at the Kubwa train terminal, Abuja, on Saturday while three others including a Nigeria Railway Corporation worker and two touts were apprehended at the Rigasa station in Kaduna on Sunday.



They were were said to have sold the train tickets for between N2,500 and N15,000.

The EFCC spokesman, Tony Orilade, said in a statement on Monday, that the suspects sold the N1,300 economy ticket for between N2,000 and N5,000 while first class ticket was sold for between N7,000 to N15,000 up from the official N2,500.


It said, “The Commission swung into action after receiving an intelligence report alleging that some group of people at the Idu and Kubwa train stations have been racketeering train tickets making it difficult for passengers to have access to tickets and further sabotaging government efforts in ensuring easy transportation across the country.

“The suspects were arrested during a sting operation at the stations; They will soon be charged to court.”

The anti-graft agency said its investigations revealed that some members of staff of the stations connived with touts to defraud unsuspecting travellers by selling the tickets at a higher rate.

It explained that the Station Manager, Chief Marketing Officer and Chief Parcel Booking Officer of the Kaduna Railway Station have also been invited for questioning.

Our correspondent had on Sunday reported the ticket racketeering at the Kubwa train station and complaints by passengers about the disorganized ticket system designed to exploit customers.

https://punchng.com/efcc-arrests-eight-for-selling-train-tickets-for-n15000-in-abuja-kaduna/

Deji guy has gone through brain resetting in the prison.

Sai Buhar!

Sai Baba!!



President Buhari, administration has succeeded where others failed

Esseite:
Nope... its 2013

https://www.google.com/amp/s/www.vanguardngr.com/2013/09/inside-the-9-billion-dangote-petr

Construction did not start then in 2013. It started in 2016

https://en.wikipedia.org/wiki/Dangote_Refinery

Esseite:
Construction has been in place since 2013.. pls do away with the buhari ideology.

Its a Nigerian thing.. inputs must have come across boards.

No, construction started in 2016.

Buhari Govt provided the enabling environment and policy that is driving the growth.

Sai Buhari

Sai Baba!!

BREAKING: FG Suspends Mining Activities In Zamfara

Channels Television
Updated April 7, 2019



The Federal Government has ordered the suspension of all mining activities in Zamfara state with immediate effect.

The directive was made known on Sunday by the Inspector General of Police Mohammed Adamu at a press conference in Abuja.

The IGP revealed that all foreigners on the mining sites have been asked to vacate their locations.


The IGP said ‘Operation Puff-Adder’ is to enforce the directive.

The directive followed the launch of Operation Puff-Adder to tackle kidnapping, banditry and other criminal activities along the Kaduna-Abuja highway and adjoining communities extending to Kogi, Katsina, Niger and Zamfara states.

https://www.channelstv.com/2019/04/07/breaking-fg-suspends-mining-activities-in-zamfara/

blackpanda:
The President should reject Onnoghen's resignation and subsequently dismiss him

FG can accept his resignation and still continue with the cases in court. Accepting his resignation does not mean FG has to drop the case against him

ogatboy:
So because he was recommended for retirement he is guilty?? That is exactly what media trial is

Again, if he is innocent, why would the NJC recommends his retirement? Are you following the logic? Media trial ? How? The case is still in court, but the man by resigning has admitted guilt. That is the implication

ogatboy:
Because the judicial council already made a recommendation for him to be retired. If logic is difficult for you, what is easy.

And have the government been able to prove their case in a law court??

Hmmm. If he is innocent, why would the NJC recommend his retirement? The case in court is still ongoing, so again, which one is media trial?

ogatboy:
Because guilt has to be proved. Media trial is what APC does. If you cannot prove someone is corrupt then the person is innocent.

The gandollar walking about is ?? When Nigeria is serious then we will know. For now let them be using you guys to play.

What is media trial? Are you saying that Onnoghen has not resigned? Why will he resign if he is not guilty?

.

.

flames007:
Some people get mind sha!
The truth may be slow!very slow even.but when it will catch you,even usain bolt speed cannot save you.

No be small mind..

We've heard of excuses that people give when they commit financial crimes. One that is mostly common is POVERTY. But in the case of ONNOGHEN, going by the retirement package for a retired Supreme Court Judge / Former CJN, Why would any sane person involve him or herself with corruption during his active years in service?
The package is in billions of Naira. This amount is what over 95% of Nigerians can never dream of earning in their lifetime. Yet somebody has this waiting for him at retirement but chose to be collecting bribe, selling justice and hiding his assets
It can only be greed.


EXCLUSIVE: Onnoghen resigns as CJN ‘with immediate effect’

April 05

�by Dyepkazah Shibayan

Walter Onnoghen has resigned as the chief justice of Nigeria (CJN) with immediate effect, TheCable can report.

He turned in his resignation letter to President Muhammadu Buhari on Thursday evening, a day after the National Judicial Council (NJC) recommended that he be compulsorily retired for misconduct.

By virtue of section 306 of the 1999 constitution, his resignation takes immediate effect.

Section 306 says “(1) Save as otherwise provided in this section, any person who is appointed, elected or otherwise selected to any office established by this Constitution may resign from that office by writing under his hand addressed to the authority or person by whom he was appointed, elected or selected. (2) The resignation of any person from any office established by this Constitution shall take effect when the writing signifying the resignation is received by the authority or person to whom it is addressed or by any person authorised by that authority or person to receive it.”

The resignation, TheCable understands, was the “best possible option” for Onnoghen under the current circumstance.

It will also save Buhari from having to get two-thirds majority of the senate to confirm Onnoghen’s retirement as stipulated in Section 292 (1) of the 1999 constitution which says a “judicial officer shall not be removed from his office or appointment before his age of retirement except in the following circumstances – (a) in the case of – (i) Chief Justice of Nigeria… by the President acting on an address supported by two-thirds majority of the Senate.”

Buhari may not be able to muster the needed majority.

‘GOLDEN HANDSHAKE’

TheCable previously reported that Onnoghen’s retirement benefits in cash and kind will cost tax payers about N2.5 billion.

As part of the package for a retired chief justice, a house will be built for him in Abuja with a nine-digit sum for furnishing — in addition to a severance gratuity that is 300% of his annual basic salary of N3,363,972.50, as well as pension for life.



Just like state governors, a retired chief justice is entitled to a number of domestic staff and sundry allowances for personal upkeep.

This package for judicial officers was put together by the NJC long before Onnoghen became the CJN in 2017.

However, if he is dismissed, he will not be entitled to any benefits.

Onnoghen chose the option of resignation as a measure of damage control, his associates told TheCable.

CASED CLOSED?

TheCable reported on Wednesday that the NJC had recommended the embattled CJN for compulsory retirement after deliberating on a petition by the Economic and Financial Crimes Commission (EFCC) which alleges “financial impropriety, infidelity to the constitution and other economic and financial crimes related laws”.

Onnoghen, who denied all allegations, is also undergoing trial at the Code of Conduct Tribunal (CCT) over charges of false asset declaration.

Onnoghen has closed his defence at the CCT and the tribunal is expected to give its judgment at the next sitting on April 15.

But for the crisis, Onnoghen, who is 68, was due for retirement in 2020.

If the “soft landing” option is favoured by Buhari, the EFCC may not proceed with filing criminal charges while the case at the CCT could become academic because the major punishment for Onnoghen would have been his removal from office.

He could be banned from holding public office for 10 years, while his assets believed to have been acquired illegitimately will be confiscated.

https://www.thecable.ng/exclusive-onnoghen-resigns-as-cjn-with-immediate-effect

This is a good way of exposing corruption. We must insist on doing the right thing

‘Lawmaker’s daughter worked in PenCom with fake degrees’
by Omobola Tolu-Kusimo

April 5, 2019
A federal lawmaker and Pension Ad Hoc Committee Chairman’s daughter, Deborah Ighiwiyisi Agbonayinma has been working with the National Pension Commission (PenCom) with fake foreign and local university degree certificates, The Nation has learnt.

Deborah’s father is Ehionzuwa Johnson Agbonayinma, the member representing Egor/Ikpoba-Okha of Edo State in the House of Representatives.

A source at the National Assembly, who pleaded anonymity, said Deborah Agbonayinma was sacked about four weeks ago. She worked at the commission for three years.

The source said Miss Agbonayinma worked in other government agency with the fake certificates before joining PenCom.



PenCom confirmed that she was sacked on February 27.

In a telephone conversation with The Nation, Agbonayinma who spoke on his Committee’s probe of Pension Fund Administrators, declined comment on the allegations against his daughter.

Miss Agbonayinma’s curriculum vitae with which she was employed in PenCom stated that she obtained a B.Sc degree in Accountancy with certificate number 12129 on August 8, 2012 from Irish University Business School located on 219 Bow Road, London E3 2SJ.

A verification committee at PenCom, however, found that no such university existed as a valid UK degree-awarding institution.

Having learnt that her foreign degree was ‘fake’, Miss Agbonayinma brought another degree in Accountancy to the Commission as a replacement from Olabisi Onabanjo University, which the university also disclaimed as fake.

A probe of the documents showed that the Accountancy degree with 09083854 as a matriculation number was not listed as part of her academic qualifications in the original curriculum vitae submitted to PenCom, when she was employed.

The Olabisi Olabanjo University (OOU), in Ogun State, in a letter dated February 6, 2019 and signed by the University’s Principal Assistant Registrar in charge of Exams and Records, Mrs O. L. Kaka, told PenCom that Miss Agbonayinma’s academic records and transcripts were fake.

Her CV showed she was mobilised for the National Youth Service Corps (NYSC) from 2014 to 2015, but details are still sketchy on the certificate she presented to the NYSC for the mobilisation.

The CV also showed that she served as an Accountant in the Ministry of Finance, Budget and Economic Development in Edo State during her Student’s Industrial Work Experience Scheme (Scheme) from June 2008 to November 2008 one year after she was enrolled to study Accountancy in London in 2007.

PenCom said: ’’We confirmed through the UK government’s site that the university is not recognised as a valid degree-awarding body.”

http://thenationonlineng.net/lawmakers-daughter-worked-in-pencom-with-fake-degrees-2/

throwaway:
An uncorrupted judiciary is not enough - you need all arms of government working properly.
You seem to be defending Buhari. Onnoghen is a criminal, no doubt. But why does Buhari prosecute only a select group of officials?

Your question is already answered.Read my reply again, this time slowly and with an open mind.

When every other arms of the Govt is corrupt, where do you go for justice? Why will it take forever to judge a case before our courts? Why are the guilty being sets free by our courts? Why do you think there is so much impunity in the country?

throwaway:
Only the judiciary?

When every other arms of Govt is corrupt, where do you go for justice? Why will it take forever to judge a case before our courts? Why are the guilty being sets free by our courts? Why do you think there is so much impunity in the country?

Nigeria is not working because our judiciary is thoroughly corrupt. Thank God Buhari is here to fumigate the place.

A poor man or Nigeria as a country could not get justice, because the likes of Onnoghen was ready to sell to the highest bidder.

[quote author=musa234 post=77293077][/quote]Its all politics. Jonathan and Obj (Both from South) defeated Buhari thrice between 2003 and 2011. So everybody knows where they stand.

kernel001:
Uncle... It's wrong for an enemy to blame his enemy of hate, you don't like us either. So... Stop preaching one-sided animosity, we don't like each other.

But you first bring up the conversation about me hating Igbos and I drew your attention that you dont like my tribe either. It's like we are on the same page here. Have a good life.