JUMIA ONLINE STORE: HOUSE OF MONUMENTAL FRAUD

The popular axiom which states that; “everyday for the thief, one day for the owner”, aptly describes the current situation of leading E-commerce platform, Jumia, as the company is currently enmesshed trouble waters. The company, recently admitted to fraud in its sales practices. Jumia said it found cases where improper orders were placed and subsequently cancelled. These included deals made through it’s team of sales consultants called J-Force.

Interestingly, CITYSPY gathered from an expatriate staff of Jumia based in Nigeria, who disclosed that, the company long knew of the fraud in Nigeria and in other African countries before it’s IPO. The staff further disclosed — on condition of anonymity – that the company had to bolster it’s figures ahead of its listing on the New York Stock Exchange (NYSE).

To come out clean, Jumia says it has fired the employees and suspended others, after investigations of the improper sales practices. The transactions in question amounted to 2% of 2018 gross merchandise volume (GMV).

Consequently, another Nigerian employee of the company averred that, Jumia is using the sacked staff as scape-goats to cover up the long on-going fraud which it claimed to have just discovered. “Jumia was desperate to go to market so they connived with J-Force to raise false figures.” The source further added that; “Its Nigerian staff had no idea of the figures being brandished and the celebration on Wall Street when its IPO went live. Jumia’s GMV and other data are controlled and sent from France.”

The latest development seems to justify the claims made by Citroen, intelligence equity research company, that the Jumia IPO was based on falsehood and worthless disception”.