₦airaland Forum

AFRICA’S LATEST
African E-commerce Company, Jumia shares sank 14.6% (At the time of publishing) after Citron Research’s Andrew Left released a report describing the company as a “fraud” with worthless stock.

“In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia.” The report says. The report titled ‘Citron Exposes the Smoking Gun‘ cites various discrepancies between Jumia’s confidential investor presentation from October 2018 that was being used to market to investors late last year and the presentation they did to the Securities Exchange Commission before the IPO.

In order to raise more money from investors, Jumia inflated its active consumers and active merchant’s figures by 20-30% (FRAUD).

Founder360 / Citron
Material Discrepancy in Reported Key Financials Metrics / Citron Research

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. This number is so alarming that screams fraudulent activities.

Instead, Jumia disclosed that “orders accounting for 14.4% of our GMV were either failed deliveries or returned by our consumers” in 2018. Assuming 41% of orders were returned, not delivered, or cancelled in 2018, this implies that almost 30% of orders were cancelled in 2018. Since Jumia primarily sells consumer electronics, which should not have this high of a cancellation rate, it wreaks of fraud.

Founder360 / Citron
Material Discrepancy in Reported Key Financials Metrics / Citron Research

The report also highlights high levels of systemic fraud at the corporate level.

“Jumia pays commissions to a sales force of Nigerians that place orders for other people using their ID numbers, Jforce Consultants. Sales through Jforce Consultants account for 30-40% of net merchandise value for Jumia. Last month, Jumia amended its F-1 and added language that Jumia “recently received information alleging that some of our independent sales consultants, members of our JForce program in Nigeria, may have engaged in fraudulent activities.” This language was missing from the original F-1 from just a month earlier.”

“This means that either 1) Jumia just found out about this historical fraud, 2) this is a new fraud that will affect future financials, or 3) Jumia has been hiding the fraud for quite some time but going public forced their lawyers to add this language.”

Citron also references media where Jumia MD was questioned before the IPO by the Nigerian police over allegations of fraudulent diversion of funds in regards to its relation with Hodara.

“Local media commented that their investigation revealed that many top directors of Jumia were engaged in serious acts of fraud including diverting money that was supposed to be used for projects into their own bank accounts and using director owned private companies to accept Jumia orders while receiving advance payments but never fulfilling the orders. In some cases, these fraudsters were relatives of senior management and “the directors would sweep the case under the carpet in order to avoid public scrutiny”

http://gblworld.com/jumia-shares-tumblesafter-citron-research-calls-the-company-a-fraud/

liquidcrystal73:
That's what you get when you use Password12345 instead of 6Dp$9%qcYQCj

How the f* can you tell the whole world my password. I'll just change it to Password123456.

Don't do that again man.

[quote author= post=78162210]Wicked Wike, shut the F up and do something about your state abeg!

The once beautiful and peaceful Rivers state has turned to RIVERS of BLOOD under your administration.
Killings, CULTISM, rituals, kidnappings are the news we read everyday.

Which investors will want to invest in that kinda state at the moment?!

Misplaced priorities.

Let dem know![/quote]Read all that is written against you, they are valid.. Reporting to the mod like a crybaby after spilling junk from your mouth? Wtf!

Replying people with other monicker and validating yourself still makes no sense.

iammo:
Why would anyone tie anyones shoelace if not to show your low selfesteem and aszliking mindset, now to the topic at hand prof kperogi studied english while prof osinbajo studied law and his mandate is been chalenged.

Kperogi is also AGIP before his fall out with obasanjo infact he was Obasanjos speech writter.

Why cant he kperogi wait for a court of competent jurisdiction give a verdict as against kperogi commiting subjudice.

I apologize for replying you here, I felt you were capable of understanding something as small as an idiom.. My sincere apologies! For someone unable to understand something as minute, arguing with u is waste of time

gaskiyamagana:
You scored 5 '' A''s wife your discovery
Animousity
Annoyance
ANGER
Anguish
Agony.

Wife right?

gaskiyamagana:
Buhari is not father Christmas to them in Aso Rock like Jonathan, the most corrupt president in Nigeria. Similarly, Abuja is occupied by corrupt, super rich civil servants courtesy of corrupt past administrations.

Yet Jonathan lost Aso rock in 2015. Its terribly how your kind reason

iammo:
Nigeria Needs Real bold leaders and not mere social commentators. UAE and Qatar didn't develop by the so called opioniated people hiding behind keyboards. We must all get involved or watch ourselves been lead by charlatans while continue to wail without proferring meaningful solution

Its just common sense, but it out of the reach of many

You have any idea how UAE and Qater got developed? Did you read their history or just said for saying sake?

Prof. Kperogi has suggested so many solutions, his criticism has been for AGIP.

In the real world, you're not worthy to lace prof kperogi's shoes but here you are saying crap on social media to feel relevant. Shod he want to see Buhari, he'll be granted audience, while you the social media bull can't even see the SA to the SA on SA matters.


Think thru this things and see if its worth the effort you put in on social media, build your life bro

iammo:
Professor grammar should also buy a presidential form to contest

So everybody must become presidential candidate to have an opinion?

You can do better bro, don't let your political affiliations and beliefs ruin your ability to think

Always wonder why Ronaldo fans resort to insults when they can't prove their point.

Honor10:
Thrash

Sure, that's what you are

seniwellsFX:
First they came up with posters in Hindi which says "pukka" which is known... Nigeria as a country even in our despicable state is far bigger than these wording's.

Always a waste of time to argue with idiots... Someone told you that you cheated, you started arguing that he's not supposed to be part of the team you cheated.. Which means you actually cheated, which invalidates the whole election.

Honor10:
Imagine GEJ was still the president, this external reserve will av become debt, how GEJ manage to deplete the external reserve will the highest oil sale ever is beyond me. Education is not leadership. SMH!

I can bet you're illiterate.. Even if you're educated, you're an educated illiterate. Its noe about pushing the narrative, having followership in stupidity..

GEJ was a failure no doubt, but coining those words up there makes you a total illiterate. You think its about having external reserve? How many months of import can that even sustain man, what's the country's GDP? how many people are dying per day due to menace of boko haram, herdsmen, bandits, etc? Whats the average cost of living today? How much do you earn-what's the value of same with the USD, now and 4years ago? Juxtapose it to your comment and relate the whole thing with the external reserve.

Its so bad that people are committing suicides, killing themselves coz of hardship, it was ne'er this bad.
Illiteracy is indeed a disease, it blurs ur imagination and obstruct ur reasoning flow.

Esseite:
USA has the highest debt, but what is their Debt to GDP?

They have the most robust GDP in the world aswell, their unemployment is at 3% of a more larger population than Nigeria.

Please stop making fools popular..I can't imagine how someone will coin those nonsense.. No need arguing with them please

When you push a post to front-page, don't you look at the retards posting bet craps there?

I guess they must never report Boko Haram activities to please you.. What say you of international media that reports the nefarious activities of Boko Haram?

It's obviously not your fault, you're in Calabar, you've never tasted of the bitter experience.

Ikechu12:
So my use of y'all and una is wetin dey worry this one as well as how long I lived in America . No wonder una shithole is the laughing stock of the world with a politician embarrassing y'all with British pizza exportation. No wonder una are a shithole getting shiiter by the day. As for how long I'm in America, nigga as long as I'm not in that y'all British pizza exporting failed country whether 1 sec, 2 mins or 2 days, I'm good..oh and I'm not a Niggerian

This is Malaria

Afamed:
Your post is a background noise, I deal not with Indomie generation

Well done EBA generation.. Dude, type like you have some sense

Afamed:
I don't exchange Banters with Indomie generation. Oya swerve

Thanks grand pa.. Eventually, one day you'll get better- for now sink in ur folly painted in grey

Afamed:
I am neither his PA nor his relatives. But I hate when people like you come on social media to mislead others with fake news.

You must be a very bitter person in real life and bro, I'm not responsible for your frustrations. I've neither said anything for or against the issue. You've just been jumping up and down to defend him, wish you'll defend your life this way, maybe you won't be having this your predicament.

God help you. Only Him can help a bitter soul like you.

Afamed:
My brother, kindly ignore them, their brain is truly dead.

Are you Omo Agege? The way you carry the matter for head, are you his PA?

chloride6:
Who will they pay to if Innoson doesn't exist anymore?

You want to kill him? Unfortunately, even if you do, he has next of kin, he's has a company, he has family... The nigga is a brand, the brand will get paid.


An insignificant troll somewhere like you, trying to threaten a very hardworking human being.. Damn!

DrTee1:
Now I see this is something else.

Do have a pleasant day.

Of course you're something else, your sarcasm is below par, just concealed insults

DrTee1:
You've got energy Meth, really, to dissipate.

You can have the floor, senior citizen.

At the end of the day, you're as guilty as the people you oppose and you're mental capacity is still below normal

DrTee1:
Thank you Meth(uselah)! �

Like I said eventually you'll grow up, growing up is not just abt age.. A few posts ago, you were preaching morals-something you lacked.

DrTee1:
I'm having a hard time finding your cogent point. If and when I do, I intend to address same very politely.

Warm regards.

Your sarcasm is low level... Calm down, you'll grow up in due time

DrTee1:
But what does Audu Ogbe's first degree have to do with this all, even if every other criticism is true?

There are too many people who read a different course as their first undergraduate degrees before taking a different career trajectory in life. Too many.


The current Minister for Trade and Investment, Dr. Okechukwu Enelamah earned a Bachelor of Medicine, Bachelor of Surgery (MBBS) from the University of Nigeria, Nsukka in 1985. He earned a Master's degree in Business Administration (MBA) from Harvard University in 1994 where he was a Baker Scholar and Loeb Fellow.[3] He is a member of ICAN (1992) and became a CFA in 1997.[4] He earned Dean’s List honours in his MBBS graduating class at the University of Nigeria (meaning he was one of the best graduating medical doctors in his undergraduate class), and was awarded national prizes in the Institute of Chartered Accountants of Nigeria (ICAN) examinations. (meaning he had one of the best qualifying results as a chartered accountant when he changed career).

Enelamah worked as an Audit Senior and Consultant with 1988 at Arthur Anderson (now KPMG Professional Services). He later worked in the New York and London offices of Goldman Sachs in 1993 before joining Zephyr Management as an investment manager where he rose to Principal in the Johannesburg office between 1995 and 1997.[5]

Enalamah founded African Capital Alliance (ACA), a private equity firm, in 1997 where he served as CEO until his appointment to the Industry, Trade, and Investment portfolio in November 2015 by President Muhammadu Buhari.

https://en.m.wikipedia.org/wiki/Okechukwu_Enelamah


Minister Audu Ogbe's work description is Politician and Farmer, according to Wiki. As of 2009, he was chairman and managing director, Efugo Farms, Makurdi.

Even if he lied about people importing pizza from England, what does that have to do with his undergraduate degree? Reno was once in government. If they had converted Nigeria to Rwanda, not even UAE or Malaysia, in effectively handling the politics and economy, his party and principal wouldn't have been voted out of office.

Finally, it may not be false that some Nigerians, the super noveau-riche, may indeed be importing pizza from England when they crave for it. It may be an infinitesimal fraction of our population, but it doesn't mean it cannot happen - for crying out loud.

Didn't a Nigerian artiste release a hit track about travelling to a European city just for a meal?

Sometimes, or often times, Politicians get abysmally low in going against themselves. Interestingly, they do all that to get the attention of the public. In their closets, they are all friendly and they respect themselves.

This is a Reno who parades himself as a Christian leader by the way. Where did he read that Jesus did this?

What has Christianity got to do with this? How can you accuse someone and then do exact same thing thereafter?

You expect some level of morals from someone yet you're worse?

Wtf @ the sycophancy!

fk001:
This guy is a pathological liar stay away from him pls

Then share your own data, it's not sufficient to just call someone a liar without proof

Who is Tosin Will Silverdamn? Damn the Silver; never heard or read of him sha

olagbola45:
Kpele prince Charles of England

Omo queen Elizabeth

Wow! The calibre of folks here is amazing.

Bro, I can assure you that if you don't learn to take corrections, you won't go far.

Remember no one is perfect-we all make mistakes

..and people thought Sowore would be different! Damn! Paid per post

olagbola45:
So they should keep shut wen dragged into rubbish issues?

I don't just know how your type of enu se egusi like dat of timi frank reason

I smh for ur life

There are videos of the rubbish... Nobody dragged anyone into the video sir

olagbola45:
You don't think b4 u just open ur enu se egusi lips like dat of timi frank talk rubbish

You for don go buratai house go ask him whereabouts on dat day

Some people from d eastern part and some morons in west here self and those stupid party never do you a favor wey turn ur life for good

Damn! English Language ain't that difficult bro