Jumia says Nigerian sales force graft behind widening losses
The Berlin-based company says second-quarter operating losses widened by 60%
21 August 2019 - 19:32
Jumia Technologies has identified cases of improper transactions at the Africa-focused online retailer’s Nigerian business that amounts to as much as 4% of first-quarter sales.
While the Berlin-based company says it is taking measures to cut out instances of corruption, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to a share-price rally following Jumia’s initial public offering in New York the previous month...
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