General
Jumia Food MD in Police Net Over Fraud
By Modupe Gbadeyanka
Managing Director of Jumia Food, Mr Guy Futi, has found himself making efforts to explain to the Nigeria Police Force how his company did not defraud one of its vendors, Castle Logistics Services Limited.
Castle Logistics Services Limited, a logistics services providing company, had written a petition to the police alleging that Jumia Food fraudulently diverted and converted funds it was meant to pay for services rendered to the subsidiary of Africa’s leading e-commerce company.
In order to get a clearer picture of the allegations, the police questioned Mr Futi on what he knows about the issue at hand.
According to reports, a member of the anti-fraud unit, Mr Adewumi Adegoke, who confirmed the arrest of the Jumia Food chief, said a case of diversion of funds running into millions of naira was lodged against Jumia Food and Guy Futi by Castle Logistics.
“I can confirm that the Managing Director of Jumia Food was arrested and is in our custody. Investigations are ongoing on the allegations levelled against him and the company,” Mr Adekoge was quoted as saying.
But spokesman of Jumia, Mr Olukayode Kolawole, denied that Mr Futi was arrested. He stressed that Mr Futi only honoured an invitation sent to him by the police.
He also said, “Jumia Food MD neither misappropriated the company’s funds nor converted them for personal use.
“If this had happened, Jumia would have taken a legal action against him and probably involved the press. I say, unequivocally, that Jumia Food MD was never involved in any fraudulent act.
“If truly this happened, why would Jumia cover up for him? Is an outside source more credible to tell an alleged story of fraud within Jumia than the company management? Again, there’s no basis for hiding an employee’s fraudulent act if truly the employee committed such act.
“Jumia has an outstanding court case against a vendor (3PL) partner, who owes the company and has refused to pay. It is on the basis of the court case filed against the vendor that Jumia Food MD, Guy Futi, was invited by the police for questioning.
“Guy Futi was never detained by the police. He was invited for questioning and left the station after the interrogation same day. The police should provide a physical evidence of him in detention or else the information you were supplied with was completely false and has a malicious intent.
“A visit to the supposed station where he’s alleged to be waiting for bail will add so much credibility to your story.
“Guy Futi had not joined Jumia as an employee at the time the vendor’s debts started accumulating. He’s barely new at Jumia Food. The allegations are completely untrue and appear to be a cheap effort by a third party to distract the public from the main issue and malign Jumia’s image.”
Castle Logistics, in a petition dated December 24, 2018 by one Mrs Catherine Azubuike, to Nigerian Police, Zone II, Lagos, had alleged false presence, fraudulent conversion and diversion of N214.695 milion by Jumia Food.
The petitioner alleged that they entered into a Service Level Agreement in August 2016, wherein they were to provide personnel services and equipment to Jumia Food for delivery of food supply requests made online by its customers, adding that it also involves the collection of monies and consequent remittance of same to Jumia.
It was alleged that on May 2018, Jumia was said to have been able to pay for only August 2016 to March 2018, and fell short of the payment of N214,695,445.49, and upon a thorough investigation into the payment collection system, they found out that Jumia, without Castle’s consent and permission, gave to some of the riders Jumia Food’s personal POS for collection of payments from customers, and effectively those payments were rendered directly into Jumia Food designated accounts, adding that Jumia stole and converted the said sum for own use.
According to the petition, Castle demanded Jumia Food to provide it with complete bank reports of the transactions on those POS machines, but Jumia refused.
It read: “Jumia Food refused, but rather chose to randomly estimate a percentage of the total funds received from those POS machines as funds related to orders handled by Castle. This resulted in huge monthly shortfalls on orders handled by Castle and Jumia Food kept demanding Castle to remit funds for those shortfalls without providing the POS reports.”
Castle also alleged that further findings showed diversion of funds and Jumia deceived them into remitting funds to its bank account with clear intention to permanently deprive them of its use.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn