Barely a month after its celebrated listing on the New York Stock Exchange, Nigerian e-commerce company Jumia Technologies, in which MTN has a 30% stake, has been called an “obvious fraud’ whose listing is the “worst abuse of the IPO system since the Chinese RTO fraud boom almost a decade ago”..
Like most internet companies, Jumia has yet to record a profit. It reported losses of €165.4-million and €170.4-million in 2017 and 2018 respectively to bring its total accumulated loss to €862-million for the seven-year-old company. The numbers are typical of tech start-ups whereby scaling up and growing market share is foremost to achieving profitability over the long term, says Sinesipho Maninjwa, a CA and a financial news commentator.
Before coming to the US Markets, Jumia made an effort in 2018 to raise capital. This is where the rubber hits the road, or veers off it. According to Citron the information contained in Jumia’s confidential investor presentation of 2018 differs materially from Jumia’s latest F-1 filing. This information was missing from the original F-1 from a month earlier which means one of three things, Citron says. Jumia just found out about this historical fraud; this is a new fraud that will affect future financials, or Jumia has been hiding the fraud for some time but going public forced their lawyers to add this language.
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