By Dipo Olowookere
Few days ago, notable e-commerce platform in Africa, Jumia, was called out by a US-based Citron Research for alleged discrepancies in the figures presented to the Securities and Exchange Commission of the United States for its listing on the New York Stock Exchange (NYSE).
The firm described Jumia “worthless”, saying the company deceived investors about the true position of things.
It claimed “Jumia inflated its active consumers and active merchants’ figures by 20-30 percent” and
removed from its F-1 filing that “41% of orders were returned, not delivered, or cancelled,” noting that “this number is so alarming that is screams fraudulent activities.
Business Post obtained the full report, which is attached below for your review.
Not All IPOs Are Created Equal Jumia is a Fraud
Adedapo Adesanya