Society Gists

…Details Of How Top Directors Uses Personal Coy To Defraud The Online Retail Outlet

Jumia, acclaimed No.1 online retailer in Nigeria cuts a picture of a fast-growing e-commerce company with big edifices and over exaggerated financial strength but really it’s all photoshop!

Beneath what is painted is a company struggling to survive over internal fraudulent activities.

www.societyreelnews.com findings reveal that Jumia might be sitting on gun powder which might explode any moment as the retail outfit is filled with many shady deals. Our investigation revealed that many top directors of the company, majorly expatriates own private companies that are been as suppliers, an act that most insider sees as safe haven for fraudulent.

Most recent of such shady dealings is that involving Jumia’s Finance Director, Anupam Sharman. It was gathered that Anupam with the help of some other expatriates fled the country with a whooping sum N860m.

The money according to our source was meant for a high level project which Anupam supervised. Instead of executing the project and make payment, Anupam allegedly diverted the money into his foreign accounts and ran away. He was said to have left the country under the pretense that he’s going for a two weeks break outside the country and would return thereafter.

It’s over a month that Anupam left the shores of this country and there are no sign of him returning as his entire international phone lines are switched off.

Another case is that of a director who is simply refer to as Babel. Babel who works as the head of security department with Jumia own a personal company unknown to his employer, he uses his company to supply leather bags. It was gathered that despite his company quoting prices higher that all other suppliers, with the aid of other director in procurement department, Babel’s company usually gets the order to supply even with advance payment.

One of such supply made Babel’s company to be paid N18m. While Jumia is waiting for the supply, Babel and his private company are nowhere to be found. Finding has it that Babel is related to one of the CEOs of the company, Nicolas Martin and this made the matter to be carpeted without informing and security agencies in the country.

Investigation revealed that most times when these happens, the directors would sweep the case under the carpet in order to avoid public scrutiny and attention and as result have ran into so many debts that have weakened the company’s financial strength.

Instead of scolding the erring directors, the Nicolas Martin and Jeremy Doutte led online retail store has hired new expatriates who are presently on training to replace both Anupam and babel.

While the company has continued to grow in its recklessness, stakeholders are in doubt if its recent partnership with others multinational company can bring any desirable result if not ruin. Recently, the company partnered with Google, Infix and MTN to launch Android One in Nigeria, but what these partners are unaware of is that Jumia might not possess the financial muscle and credibility they are looking out for.

Efforts were made to speaker with personnel of the corporate communication of Jumia Nigeria as regard their take on the allegations, but they all declined to speak on the matter.

Source: SocietyReel