Jumia Finds Wrongdoing in Nigeria Sales Force as Loss Widens
- Africa-focused retailer uncovers ‘improper sales practices’
- E-commerce firm sold shares in New York earlier this year
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Jumia Technologies AG has identified improper transactions at the Africa-focused online retailer’s Nigeria business that amounted to as much as 4% of first-quarter sales.
While the Berlin-based company says it’s taking measures to cut out instances of wrongdong, 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.