Africa's first tech unicorn Jumia files for IPO

Co-founder of Jumia, Tunde Kehinde, stands and speaks in front of a wallpaper that displays the Jumia logo.
Co-founder of Jumia, Tunde Kehinde. Photo: Pius Utomi Ekpei/AFP/Getty Images

Jumia, a pan-African e-commerce platform, filed for an IPO that would see it trade on the NYSE (JMIA) with Morgan Stanley as lead underwriter. The filing is for $100 million, but Renaissance Capital estimates that it may seek to raise five times that amount.

Why it matters: Jumia is considered to be Africa's first tech unicorn, even though it was founded by two Frenchmen and is headquartered in Germany. And, like so many U.S. unicorns, it has massive losses without a visible road to profitability.

Skepticism and suspicion ahead of Nigeria's delayed presidential vote

A billboard for the ruling party's candidates in Abuja. Photo: Pius Utomi Ekpei/AFP/Getty Images

Abuja, Nigeria — As voters in Nigeria prepare to cast their ballot on Saturday in the rescheduled presidential and legislative elections, concerns about the credibility, or lack of it, of the polls still persist.

Why it matters: "In a close-run election, marred by discrepancies and irregularities, the winner ultimately may be decided by the courts rather than the voters," Matthew Page, associate fellow at Chatham House, told Al Jazeera."Given the Nigerian judiciary's lack of independence and well-earned reputation for corruption, it is possible that the Nigerian presidency could essentially be sold to the highest bidder."

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