E-commerce company, Jumia Technologies on Monday, November 18 shut down its operations in Cameroon without notice just as it did in Gabon and Congo Republic; sparking fears and anxiety on the state of its health in other African countries.
Rebecca Enonchong, a Cameroonian-based tech entrepreneur, disclosed that the development is emblematic of Jumia; which she described as a badly-run business which is only in Africa to rip off Africans.
‘Beyond #JumiaIsNotAfrican, Jumia is simply a badly run business that is incapable of understanding its market, refuses to act as a good corporate citizen and thinks Africans are simply a commodity, a means to an end. No business with that attitude can succeed in the long term,’ Enonchong disclosed.
Likewise, an ex-employee of Jumia affirmed that the company is not much different from a Ponzi scheme. The former staff, who pleaded anonymity, noted that most ex-Jumia staff are not surprised at the development in Cameroon, even as he noted that it could happen even in Nigeria.
‘Jumia is run like a Ponzi scheme. Some of us were poached from rival companies with mouth-watering salary offers and laid off after six months. It is a standard Jumia practice to destabilize its competitors. What happened in Cameroon can happen anywhere, even in Nigeria. When it does, you cannot hold anyone there to account. The owners of the business are foreigners. Right from the period, it went public, I knew it was just a matter of time before the fraud that is Jumia would be uncovered.’
Meanwhile, Jumia revealed in a statement that its e-commerce platform activities in Cameroon were not suitable for the African state.
“We came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” Jumia said in a statement to announce that its e-commerce operations in that country had been suspended.
However, the company said it would continue supporting buyers and vendors in Cameroon using its classified portal Jumia Deals.
The shut-down of its Cameroon operations makes it the third African country in which Jumia has folded up operations. It had earlier closed shop in Gabon and Congo Republic.
Meanwhile, a source at the company in Cameroon told Reuters that Jumia had chosen to prioritize growth over profitability; a move that had back-fired.
“We wanted to see how the business evolved. We can come back, but for now we’re closing to have time to study the market,” the source; who chose to remain anonymous, disclosed to Reuters.
The announcement of the suspension of its operations in Cameroon sent Jumia’s share price tumbling. Specifically, the shares hit a record low of $4.96.
Jumia had seen off a much-publicised listing on the New York Stock Exchange in April 2019. However, the company’s shares nose-dived after a report by US research firm, Citroen which declared the shares ‘worthless’. Equally, Citroen had claimed that Jumia had inflated the figures quoted in its prospectus.
‘“In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia. “That is the Jumia way. To cover up and to commit fraud,” the report said.
Meanwhile, analysts and e-commerce watchers have reacted with dismay and shock to the Jumia shut-down in Cameroon. There are concerns that the same issues that had plagued Jumia in the three African countries it closed shop in were still ever-present in its other operational locations.
‘The Jumia strategy is one that has serious question marks hanging over it,’ disclosed Bode Akinpelu, an e-commerce enthusiast. ‘It has consistently prioritized growth over profitability and this has been touted as the reason for its failure in Cameroon. But the problem is the same in other countries in which Jumia operates, including Nigeria.
‘In fact, no one knows where the next shut-down will happen. It could be Nigeria, its biggest market or Ghana or Egypt. The situation is approaching critical, especially when one considers the impact on its investors, merchants, staff, creditors, suppliers and other stakeholders in the markets where Jumia folds up without warning.’
Jumia Technologies AG is a German-based e-commerce outfit. It was founded in 2012 in Berlin, Germany, and shareholders include the Berlin-based incubator and venture-capital firm Rocket Internet SE. Other early investors include French insurer Axa AXAHY, +0.04% and French telecoms company Orange ORA, +1.86%.
for those who dont understand the write up;Jumia is MMM and their Leader is Mavrodi...In Jumia U PH better money to buy a tv and you GH a flat wood tv look alike..hahahha. Any person that buys any thing online in Nigeria is a fool...
Made4naijalove: Nigerian mum allegedly attacks security guard of Queens college who refused her daughter into the school because she hard artificial lashes and nail polish on
Queens College student being supported by her mother for indecent dressing. You can see her eye lashes, the security men stopped her and the mother resorted to manhandling the security man and others that didn't support her.
newest oloshi in making... Na this one dey Bleep even gate man for Nigeria movie industry to make her ontop. Later she go thank God instead of her pussy.
DonBenny77: Where are the protesters na. I believe NK sha, when he was locked up protesters shut down Port Harcourt not to talk of the east. I didn't plan to attend any protest they brought down the protest to my hood, the whole aba road, 1st, second artillery on full shutdown. When the army saw the surging crowd of protesters they made way. Some cowards cannot come out and occupy DSS office.
NikkyIvy: If you grew up in the 90's you will understand what I mean by a blue film. If you didn't grow up with us back then and you are wondering; what is a blue film, my response is LOL
I think I was still in Junior Secondary School and was living with this aunt of mine. Her hubby had this device that could tap anybody's television signal. The man was a guru Engineer he could fix anything.
We were tapping and enjoying free cable network especially from our next compound neighbor. They knew and didn't mind of course. Not everyone could afford a decoder back then or large free to air satellite dish so it was a big deal for us and better than waiting till 4pm when NTA would resume.
Anyway, that very day, I came back from school to meet an empty house. I was overjoyed. Sharply, I rushed through my lunch and went straight to our black and white TV. I tuned it on, did the small magic I learned from watching my uncle and balanced to watch oyibo blowing grammar but nothing appeared. I waited thinking maybe there was a small delay. 2 minutes, nothing showed. 5 minutes I became angry.
I was about going away when something flashed on the TV screen and disappeared. I grabbed the small antenna on top of the TV and started twisting it. Sixty degrees, then ninety, forty-five degrees nothing. I tried suspending it mid-air like an aeroplane yet no free signal. I was about giving up when what I saw earlier appeared again. I was excited.
I was holding the antenna and staring at the strange video showing on our TV that day. My small brain could not understand what was happening inside our TV ooh. I continued staring till it registered; these people are nakiid ooh! What are they doing? I hurriedly switched it off. Nakiid white man and woman inside our TV? How did that happen? See fear eh!
The moment my aunt walked in, I rushed over, reported myself and gave details of everything I saw. She screamed and walked off to our neighbors house. After some minutes she came back and said; those useless boys rented a blue film.
My eyes popped open. Blue what? It's a lie aunty it was black and white oh not blue film!" �
After that day, the device disappeared and we were back to watching NTA.
If you know what is a blue film, share your own first experience ooh!
Viktoreze: Now, one thing I tell everyone is learn about real estate. Repeat after me: real estate provides the highest returns, the greatest values and the least risk.
Land investment myths are popular for inducing tension, anxiety, and confusion. Am I too young to invest in property? Are property investments safe? What if the prices fall? Do I need a lot of money to buy land? These are the kind of questions that clouds our minds when it comes to investing inland. Although these land investment myths are false. Below are some popular myths and the fact of land investment in Nigeria.
Wealth is a requirement
There is no iota of truth in this statement. The truth is that you don't need to have all the billions before you can afford to invest in real estate.
Buying Land Is Not Simple And Straightforward
This is a myth that real estate experts have taken up the responsibility to correct; buying land requires proper due diligence but this does not mean it is a complicated process. When you want to buy land, you have to be very thorough to ensure you avoid issues in the future. there are processes to be followed which in itself are not burdensome but rather to help clear your doubts on your investment.
You need a lot of experience to be a real estate investor
Experience comes with practice. you won’t be experienced when you first start out as an investor. what better way is there to get really good at your new skill than by practice.
Buying land at a cheap cost is all that matters
The idea that when buying land, the only thing that matters is its affordability is one of the most popular land investment myths in Nigeria. In the real estate sector, it is possible to buy land that cost you a lot of money yet comes with the possibility of giving you a high return on your investment.
AlexReports: Olakunle Churchill Honoured With Excellence In Agriculture Award For 36,000 Empowerment, Fire Ambulance Donation
Dr. Olakunle Churchill has been awarded with the prestigious Orange Global Achievements Awards held at Abuja in Transcorp Hilton Hotel on the 1st of November 2019. The recognition of Big Church Green at the occasion was subject to its impact achievements and contributions to sustaining and establishing unequivocal supports in the Agricultural sector.
As well as his empowerment of 36,000 youth in Agriculture across the 36 states. He was further applauded for his timely donation of Multi-million Naira Fire Ambulance to the Fire Service Agency in the past couple with the payment of hospital bills of fire victims at the National hospital Abuja
Dr. Olakunle Churchill through his Big Church Green Agency was honoured with the "Excellence In Agriculture Award" at the delightful occasion of the 2019 Orange Global Achievement Awards(OGAA), organised by Orange Magazine and themed "Agriculture; The Real Oil".
Dr. Churchill in his remarks during the award presentation thanked the organizers for spotlighting the activities, achievements and engagements of Big Church Green; an agency that manages several farms and ranches owned by the young Nigeria-African Enterpreneur. He also stated that the award recognition will further enhance and inspire his input into the sector.
According to the organisers of OGAA 2019, they appreciated congratulated award recipients, guests and special invitees who made out time to grace the prestigious and timely initiative, especially in such times when there immediate need for the economic diversification in Nigeria.
The Orange Global Achievement Awards has continue to celebrate individuals and institutions that have played pragmatic roles at improving the social and economic well-being of Nigeria. OGAA2019 was held in Abuja for the first time and would be the third edition of the epoch award event and occasion.
Ezehill: It must have been tough out there to you all as i have been off for about 4months without feeding you guys with tricks and cheap data plans, well is alright now as am here once again with Airtel 1GB for N200 valid for 7days (1week).
This Airtel 1gb for N200 is not new as it have been there for months now, it was launched codedly by Airtel in other for it not to be an obstacle to the well known and existing Airtel 1GB for N350 which is eligible for all user's.
However, the Airtel 1GB with N200 is sim selective which old customers from my observation are 80% eligible to enjoy this offer (you can also call it appreciation offer lols). This Airtel data plan works in all device starting from Java to any other OS.
No much words needed, let's get down on steps on how to Get Airtel 1GB for N200 valid for 7days.
How to Activate Airtel 1GB for N200
All you are required to do is to Dial *141*241# Select 2 from the options that were listed. Now select either 1 or 2 depending on your choice.
Your subscription will be successful once you are eligible, while you Will get a prompt response saying you are not eligible if your sim aren't eligible for the offer.
I advise you Dial this code to know your place via wether you are eligible or not before making a step on buying airtime. I believe this will help solve someone problem out there. Enjoy!
him wan get job naaaa after school. Is that not the OT Lol.. I was not deceieved by that though joining keggite was the best to happen to me. Dayz be long to all am karid. Kutch is never the way forward.
PoliticalWitch: Before anyone blames government, blame the guy for deciding to join a cult when he could have just stayed free of cults and done something meaningful with his life.
Why join a cult which brings you no benefit, other than Damocles being on your case for no good reason....
him wan get job naaaa after school. Is that not the OT Lol.. I was not deceieved by that though joining keggite was the best to happen to me. Dayz be long to all am karid. Kutch is never the way forward.
Eastlink: Telling Kanu to focus on his mother's burial isn't an abuse. He should leave Umahi alone and focus on his Biafra. Kanu should stop using Umahi to shine. His mother's burial should be his concern and not putting mouth inside politics.
darol4real: A petition to the Economic and Financial Crimes Commission to investigate two bullion vans allegedly stashed with cash driving into the residence of the National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, at Burdillion, Ikoyi, Lagos, on the eve of the February 2019 presidential election, is currently “lying fallow” at the office of the anti-graft agency, a reliable source in the commission has told SaharaReporters.
The source, who disclosed that the petition is “just hanging somewhere”, added that there is no effort or desire by the leadership of the commission to consider the petition for its merit or lack of it at the moment.
Rights activist, Deji Adeyanju, had filed a formal petition demanding an investigation into the bullion vans in Tinubu’s house following claims by the commission that it could not act without a formal petition over the issue.
Adeyanju’s petition dated October 25, 2019, was addressed to the Acting Chairman of the anti-graft agency, Ibrahim Magu.
In the petition, he had reminded the commission of Section 7 (1) (b) of the EFCC Establishment Act, 2004, which empowered it to investigate properties of any person whose lifestyle and extent of the properties are not justified by his source of income.
Adeyanju urged the anti-graft agency to accord the petition priority and begin an investigation into the appearance of those bullion vans in Tinubu’s house on the eve of the election.
But five days after the petition was received by the EFCC, SaharaReporters has now learnt that the commission has no interest in pursuing the investigation.
The source said, “There is a petition but it is just somewhere lying fallow. Maybe tomorrow it will be picked up but right now, there is nothing on it.”
Tinubu had moments after the bullion vans were seen entering his house told journalists that he can spend his wealth as he pleases, adding that he could dole out cash if he wanted to so long as it was not for vote inducement.
The All Progressives Congress had also dismissed the petition, demanding evidence to prove that the money was meant to induce voters.
The APC said, “Let them come up with the proof. The man is a private citizen and he has been out of government for the past 12 years.
“If he has decided to spend his money on his party, how is that a problem? Let them come up with a proof that somebody’s money is missing.”
The Money Laundering (Prohibition) Act (2003) law of Nigeria does not quite agree with the argument of the APC, however.
Section 1 (a) of the act clearly states that a private citizen can only have a maximum N5m at hand.
Following its failure to enforce this law against the high and mighty in the society, many Nigerians have accused the EFCC of selective prosecution.
Business / Re: Jumia Shuts Down Operations In Cameroon by freethesheeple(m): 8:43am On Nov 20, 2019 
