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Jumia shares take a hit after fraud allegations by Citron

The online retailer is said to have also cooked its numbers.

A market research house, Citron Research released a damning paper against Nigerian technology company, Jumia, which recently listed in the United States and has been hailed by some as the Amazon of Africa. Citron alleges that the company is a big fraudster, suggesting that, like a local company that we know here in South Africa, that it fudged its numbers in order to dupe US investors to see it as an attractive proposition.

To further discuss the revelations and what the responsibility is of a securities or stock exchange in ensuring that companies that are listing are kosher, Jean Pierre Vester, a portfolio manager at Fair Tree Capital, speaks with Nompu Siziba about Jumia’s core business and the findings of the report.

Also read: Taking inspiration from the listing of Africa’s Amazon

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