Summit Brothers invests N6bn in online retailer, Jumia

Summit Brothers, a London-based hedge fund growth equity firm says it will be investing N6 billion in Jumia brand in Nigeria, Egypt and Morocco, with new funds tailored for setting up more ventures across the African sub-region.

The head of Summit Partners, Mr. Scott Collins, in a statement in London said that Jumia has established itself as a fast-growing company, saying that Summit Brothers is pleased to partner with its management team.

According to Collins, “We seek to invest in companies around the world that build long-term value. Jumia has established itself as a fast-growing company earlier on, and we are pleased to partner with its management team.”

Reacting to the development, co-founder of Jumia, Mr. Raphael Afaedor, said: “As Nigeria’s number one online retailer, Jumia plays big within the Nigerian market, with a vision to being the solution to online retail in Sub-Saharan Africa. As a place for direct retail shopping online, we implement 24-hour availability, a local and global reach, with the ability to interact and provide custom information and ordering, as well as multimedia prospects.

Afaedor added: “It is a no brainer for these investors to want to invest in this market, with its growing middle class and an increasing demand for goods. We have risen to become the 5th largest local content site according to web research site, Alexa.com, with our order volumes increased significantly we are the largest e-commerce player in this market.

For Mr. Tunde Kehinde, another Jumia co-founder: “We are excited to be joined by Summit Partners, a new investor that shares our aspirations for Africa’s e-commerce. This investment allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent.

“One can’t help but wonder what the way forward is from here, as even in such short time Jumia Nigeria has not failed to deliver on their service offering. It’s an exciting time for our customers, as this means more assortments of goods in addition to our already vast selection of goods, improved service delivery, and an assurance that one is rest assured that the best hands are always there to provide the best-in-class service”.

http://www.vanguardngr.com/2013/04/summit-brothers-invests-n6bn-in-online-retailer-jumia/

Paternity controversy: Paul of P-Square abandons ex beauty queen mother, baby in London hospital

A raging controversy trails one of the P-Square twins Paul Okoye; as Sahara Reporters claim in a story that he (Paul Okoye) has abandoned a 19 year old Miss Elshama Benson Igbanoi and a newly born child said to be Paul’s baby in a London hospital.

According to Sahara Reporters, Paul Okoye is denying fathering the child and is insisting on paternity tests to prove his innocence.

Sahara Reporters claim they have spoken to the woman’s father, Benson Igbanoi, in Abuja who they say revealed that he had sent several emails to P Square concerning his daughter’s pregnancy for him, but had received no response.

“Ms. Elshama insists that she never slept with any man except for P2, adding that she lost her virginity to him when she was 17 years old”, Sahara Reporters, writes.

Elshama and controversial baby source Sahara Reporters

While the paternity controversy continues, Sahara Reporters, say the London hospital where Elshama gave birth has not received any payments with bills now over £5,000.

Efforts to reach PSquare’s publicist on phone has been futile as he had not picked up his calls. However a statement from Psquare’s camp is expected soon.

http://www.vanguardngr.com/2013/05/paternity-controversy-paul-of-psquare-abandons-ex-beauty-queen-mother-baby-in-london-hospital/