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Jumia debunks Citron’s allegation of fraud

Jumia

Jumia has described as untrue, biased and unverified, the allegations levelled against it by Citron Research, a United States (US) based online investment newsletter.

Citron had accused Jumia of making false disclosures during its Initial Public Offer (IPO) while it declared Jumia shares as worthless.

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Citron also accused Jumia of fudging its numbers ahead of filing documents for its listing in the US.

According to the report, in order to raise more money from investors, Jumia inflated its active consumers and active merchants figures by 20-30% among other allegations.

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Debunking these claims, the Chief Executive Officer, Jumia Nigeria, Juliet Anammah, told newsmen in Lagos that the Company’s prospectus was issued before IPO; adding that its impressive Q1 2019 results reflect the company’s performance.

“We held our earnings call on Monday May 13, 2019 and we published our first quarter results, which we are very pleased with, and provided information to demonstrate those recent allegations are wrong. We stand by the disclosures we made in our prospectus, which accurately describe our business and the related risks in all material respects. It is publicly available”, she said.

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