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Jumia Submits Application for NYSE Listing

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By Modupe Gbadeyanka

Africa’s e-commerce giant, Jumia, has filed an application for its proposed Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) this year.

Jumia was founded some years ago by French entrepreneurs Sacha Poignonnec and Jeremy Hodara, who hold just over 2 percent each of the company’s shares.

Its biggest shareholder, by Rocket Internet, recently said it was divesting its remaining 28 percent stake in the company.

Reports say the pan-African conglomerate has submitted its application to the U.S. Securities and Exchange Commission (SEC) and if approved, will make the firm the first African e-commerce and tech company to trade its equities on the NYSE.

Jumia currently operates in 14 African countries including Nigeria, Kenya, Morocco and Egypt.

Its IPO will be latest in a string of public listings by Rocket Internet-backed companies as furniture retailer Home24 and food startups Hello Fresh and Delivery Hero have all been listed on the Frankfurt Stock Exchange in the last two years.

The company, which will trade as JMIA on the NYSE, hopes to improve its books when finally listed.

Jumia is reportedly valued at more than $1 billion and had four million active customers as at December 2018.

However, as of December 31, 2018, the the company has accumulated losses of nearly $1 billion, with losses widened to $195.2 million on revenue of just $149.6 million. The company is also burning through cash with negative operating cash flows of $159.2 million.

The continued losses are only one of the numerous risk factors the company lists, including political instability and regulatory uncertainty in African markets. The company also claims competition and “more aggressive pricing policies” from rivals including South Africa’s Takealot and Egypt’s Souq.com could negatively impact its business, QZ reports.

As part of its “Risk Factors” for potential investors it cites the continued losses as a lack of guarantee that it will “achieve or sustain profitability” or “pay any cash dividends” in the foreseeable future. While being transparent about potential risks is standard with S1 filings for initial public offerings, Jumia’s will give some investors pause.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Interswitch Inducts New Interns into Developer Academy to Fortify Tech Talent Pipeline

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Interswitch’s Developer Academy

By Aduragbemi Omiyale

A cohort of developer interns has been inducted into the Developer Academy of Interswitch as part of efforts to deepen Africa’s tech talent pipeline.

The new cohort emerged through a rigorous multi-stage process involving technical assessments and interviews. They were chosen from over 20,000 applications.

The talents were sourced from across key engineering tracks, including Backend Development, DevOps, Mobile Development, Frontend Engineering, and Quality Assurance.

Their induction highlights both the scale of interest in software engineering opportunities in Nigeria and Interswitch’s role in nurturing the next generation of highly skilled technology professionals.

During the 9-month programme, participants will benefit from mentorship by experienced professionals, exposure to enterprise-grade systems, and the development of workplace readiness skills essential for today’s dynamic work environment.

Designed as an intensive and structured learning experience, the Developer Academy combines theoretical instruction with real-world application, equipping participants with the skills required to thrive in an increasingly global and competitive technology landscape.

At the end of the programme, top-performing interns may be offered full-time roles within Interswitch, while others are well-positioned to pursue opportunities across the broader technology landscape.

“At Interswitch, we have always believed in the capacity to see beyond the immediate challenges and focus on long-term impact. While the migration of skilled talent remains a reality, our approach is to actively shape the outcomes by building a strong and sustainable pipeline of technology professionals,” the chief executive of Interswitch, Mr Mitchell Elegbe, said.

“We are therefore committed to equipping individuals with the capabilities to contribute meaningfully to the broader technology ecosystem, locally and globally, not just for our own needs at Interswitch. In doing so, we are not only strengthening the industry but also reinforcing Nigeria’s position as a source of globally competitive engineering talent,” he added.

Also commenting, the Human Resources Officer, Mr Franklin Ali, said, “The Developer Academy reflects our long-term commitment to building talent at scale. We are equipping these young professionals not just with technical skills, but with the mindset, discipline, and adaptability required to thrive in diverse environments.

“Whether they build their careers within Interswitch, contribute to the local ecosystem, or explore global opportunities, they represent the strength and potential of Nigerian talent and carry forward the standard of excellence we are committed to building.”

Beyond its immediate training objectives, Interswitch’s Developer Academy is anchored on a broader strategic vision, one that addresses the ongoing migration of skilled talent from Nigeria and other developing economies.

As global demand for software engineers continues to rise, many highly skilled professionals are increasingly recruited by international organisations.

Interswitch’s approach reframes this trend, positioning talent development both as a means of local capacity building and as an opportunity to strengthen Nigeria’s reputation as a global hub for technology expertise.

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Flexmobile to Disrupt Nigeria’s Telecom Landscape

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Flexmobile

By Modupe Gbadeyanka

Nigeria’s telecom landscape is about to be abuzz, with the much-anticipated launch of Flexmobile from Hazon Technologies.

Feelers indicate that the company will soon make a commercial debut, as the regulatory approval is now in the final stage.

It was gathered that the commercial rollout for Flexmobile should be June 1, 2026, as this depends on the authorisation of the Nigerian Communications Commission (NCC), which regulates the sector. The telco will have the distinctive 081 number series.

Early signals suggest a product ecosystem engineered around flexibility, data-centricity, and user control—an approach aligned with the evolving expectations of Nigeria’s digitally connected population.

For seamless operations, Flexmobile has sealed commercial agreements with its MVNE, IMBIL, and Airtel Nigeria.

“What lies ahead is more than a launch—it is the beginning of a new way to experience telecoms in Nigeria,” the chief executive of Hazon Technologies, Mr Victor ‘Gbenga Afolabi, said at a recent media briefing.

“After years of building the right partnerships and infrastructure, we are approaching a defining milestone. Flexmobile is designed to challenge conventions and introduce a smarter, more flexible telecom experience for Nigerians,” he added.

While full details of its offering will be unveiled at launch, Flexmobile is expected to introduce a suite of value-added services designed to go beyond traditional connectivity—positioning the brand at the intersection of telecoms, lifestyle, and digital enablement.

Backed by strong institutional partnerships and a robust MVNE framework, Flexmobile enters the market not just as another operator, but as a platform with the potential to reshape how telecom services are consumed and experienced.

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ipNX, NCC to Drive Inclusive Digital Growth Across Nigeria

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ipNX Nigeria NCC

By Aduragbemi Omiyale

A leading Information and Communications Technology (ICT) company, ipNX Nigeria, is joining forces with the Nigerian Communications Commission (NCC) to accelerate broadband penetration and drive inclusive digital growth across the country.

Recently, an executive delegation of the organisation paid a visit to the chairman of the regulatory agency, Mr Idris Olorunimbe.

“We are pleased to engage with the new chairman of the NCC and show our support as he takes on this important role.

“Strong leadership and a clear policy direction are essential to unlocking the full potential of Nigeria’s digital economy.

“At ipNX, we remain committed to working closely with the commission and other stakeholders to expand broadband access, enhance connectivity in educational institutions, and ultimately bridge the digital divide.

“This collaboration will empower millions of Nigerians and further position the country as a leader in Africa’s technological evolution,” the Managing Director of ipNX Nigeria, Mr Ejovi Aror, said at the visit.

In his remarks, Mr Olorunnimbe thanked the firm for the show of support, reiterating the commission’s commitment to fostering an enabling environment for private sector participation in achieving universal broadband access across Nigeria.

This collaboration is expected to advance Nigeria’s transformation agenda in technology and help boost the federal government’s broadband agenda for the country.

ipNX Nigeria has said it remains at the forefront of delivering cutting-edge broadband and ICT solutions, and this engagement underscores its unwavering dedication to supporting national development through technology-driven initiatives.

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