E-Business
Falling Sales, Naira Devaluation Hobble Rocket Internet’s Growth

When German e-commerce investor Rocket Internet launched Jumia in 2012 as a would-be African Amazon, it was optimistic that a rapidly expanding middle class would quickly shift from street markets to shopping online.
Reuters however reported that four years on, falling sales for sites like Jumia and slower growth from Nigeria to Russia and Brazil is casting doubt on Rocket Internet’s ambition to become the world’s biggest Internet company outside the United States and China.
Jumia made a loss of 17 million euros ($18.8 million) in the first three months of 2016 on sales that fell more than a third.
The devaluation of Nigeria’s naira last week is a new blow for Jumia, which now operates in more than 20 countries in Africa.
Revenue growth has also slowed at most of Rocket Internet’s other 11 leading start-ups, ranging from furniture e-commerce and food delivery in Europe to online fashion in markets from India to Latin America and the Middle East.
That is the consequence of Rocket’s shift to rein in spending on marketing and logistics as it seeks to stem losses which it said peaked at 1 billion euros in 2015.
As a result, shareholders have cast doubt on the valuation Rocket has put on its portfolio and questioned the strategy of sending business school graduates to set up 150 start-ups in more than 110 countries in just a few years.
Exclusive interviews with shareholders reveal growing scepticism about Rocket’s sprawling empire as emerging markets sour and technology stocks cool. Its share price has fallen 39 percent this year.
“People have started to question whether the company portfolio is really as good as we first thought,” said a top 20 shareholder, who declined to be named as they expect to trade stock. “A lot of trust has been destroyed over the last 12 months.”
Founded in Berlin in 2007 by brothers Oliver, Alexander and Marc Samwer, Rocket Internet aims to replicate the business models of Amazon, China’s Alibaba and ride service Uber in new markets.
With few other tech companies listed in Europe, investors jumped at the opportunity to gain exposure to an array of fast-growing businesses when Rocket went public in 2014, pushing the stock up by more than 50 percent in the first few months.
However, the stock has been on a downward trajectory since peaking in February 2015 after it surprised investors with a new capital hike and shifted strategy to invest in the food delivery business in developed markets.
The latest share price tumble started in April when Sweden’s Kinnevik, Rocket’s second-biggest shareholder after the Samwer brothers, slashed the valuation for its emerging market fashion websites by two thirds.
That unsettled investors, especially after Kinnevik said its representatives were stepping down from the board, citing potential conflicts of interest over future investments.
Kinnevik, which has hedged its bets on Rocket in Africa by investing in Jumia’s main rival Konga, declined to comment for this article. It has said it will work closely with Rocket although it could review its stake in two or three years.
Martin Weber, a partner at venture capital firm Holtzbrinck, which has a 1.9 percent Rocket stake, says the company has struggled to provide enough information about its holdings.
“The stock market loves transparency. And that is not practically possible at Rocket,” Weber told Reuters. “Rocket needs to prove that it can get profitable companies on their feet.”
Samwer has admitted Rocket had initially done too little to communicate with investors after the firm went public, but he is not worried about the share price.
“We planted a lot of seeds and I believe in the next 24 months a lot of investors will see it the same way,” he told a Berlin tech conference this month.
He says the sale in April of Lazada – Rocket’s loss-making Amazon clone in Southeast Asia – for $1 billion to Alibaba underlines the logic of going into frontier markets before more established rivals.
Some investors are prepared to give him more time.
“We believe that the portfolio is worth a lot more,” said Ralph Dommermuth, chief executive of United Internet, Rocket’s third-biggest shareholder, even after he took a 157 million euro writedown on his firm’s Rocket stake in May.
“Among European investors in young Internet firms, Rocket Internet is the broadest and has the most experience in the sector.”
CEO’S PROMISE
Rocket now has a market capitalization of 3 billion euros, well below the 5.3 billion valuation it put on its portfolio at April 30, and only just above the 2.8 billion in cash held by Rocket and its operating companies as of March 31.
Most Internet start-ups burn cash in early years as they pour money into marketing, logistics and technology to pursue revenue growth above all else, hoping to move into the black once they reach scale.
That approach has worked for the likes of Amazon, Alibaba and European online fashion site Zalando.
Neil Campling, head of technology research at Northern Trust Capital Markets, who rates the stock a “sell”, doubts the Rocket businesses can replicate Amazon’s success because their markets are so underdeveloped and the cost of logistics so much higher.
“As soon as they reduce marketing, you see revenue growth decline substantially,” he said. “They haven’t got the scale.”
However, Samwer says Rocket has more than enough capital to fund its main start-ups until they turn profitable.
Samwer promised last September to make three start-ups profitable by the end of 2017, with Middle East fashion site Namshi, online home furnishings store Westwing and food takeout firm Delivery Hero seen as the most promising.
Jumia, which predicted in late 2013 it could turn a profit within 18 months, is far from that goal. It lost 111 million euros in 2015 on sales of 135 million.
But Jumia Nigeria CEO Juliet Anammah believes the company can make a profit within three to five years. “Africa is a long-term play,” she said.
Samwer has now changed tack for his Amazon clones, shifting from buying and shipping their own stock – more suited to countries with well-established logistics – to providing a commission-based marketplace for third-party retailers, like Alibaba.
“You are tapping into the supply capacity that exists in the country. So you are not dependant exclusively on your working capital to source and bring in retail products,” Anammah said.
Samwer remains optimistic for Jumia.
“The people are still there even if emerging markets are cold… They still have some money,” he said. “The offline to online shift continues.”
E-Business
LG Electronics Showcases Advanced HVAC Solutions at Mega Clima Nigeria 2026

LG Electronics reaffirmed its position as a leading innovator in climate control and energy-efficient air conditioning solutions with its participation at Mega Clima Nigeria 2026, the 9th International Air Conditioning and Refrigeration Exhibition recognized as the largest HVAC+R sector show in West Africa.

Held at the Landmark Centre, Lagos, the three-day exhibition brought together global manufacturers, distributors, contractors, engineers, and industry stakeholders to explore the future of heating, ventilation, air conditioning, and refrigeration technologies across the region.
As one of the featured exhibitors at the event, LG leveraged the platform to showcase a range of advanced HVAC solutions designed to address the growing demand for smarter, more energy-efficient, and scalable cooling systems across residential, commercial, and industrial environments.
With West Africa’s HVAC sector continuing to evolve alongside rapid urbanisation, infrastructure growth, and increasing attention to sustainability, Mega Clima has become a strategic meeting point for conversations around innovation, efficiency, and climate-responsive technologies. The 2026 edition featured over 100 global brands, thousands of professional visitors, technical workshops, and networking opportunities, further positioning the exhibition as a key industry platform within the region.
Showcasing Smart Climate Solutions for Residential and Industrial Needs
At the LG exhibition booth, visitors and stakeholders engaged directly with a range of the company’s advanced HVAC technologies, including the LG Multi V.5 and Multi VS systems, both designed to deliver high-performance cooling while optimising energy consumption.
Speaking during the exhibition, Business Development Manager, LG Electronics Nigeria, Ifeoluwa Babarinsa, highlighted the adaptability and efficiency of the showcased systems, particularly their ability to support multiple indoor units while maintaining low energy consumption.
According to him, the LG Multi V.5 system is designed primarily for industrial and large-scale commercial applications, while the Multi VS system is tailored toward residential use cases, providing flexible solutions for varying environmental and operational demands.
A major highlight of the systems is their scalability, with both solutions capable of connecting to as many as 64 indoor units, offering increased operational flexibility across different building types and installation requirements.
The exhibition also featured several indoor HVAC solutions compatible with the VRF systems, including the Round Cassette, Ceiling Concealed Type Units, and Four-Way Cassette Units.
Particular attention was drawn to the Round Cassette unit, which was presented as an innovative cooling solution suitable for spaces without conventional ceiling structures. The unit also demonstrated enhanced airflow performance through its round-flow air distribution system and faster cooling capabilities.
Through live demonstrations and product engagement sessions, LG provided visitors with practical insight into how modern HVAC technologies can improve comfort, operational efficiency, and energy management across residential and commercial spaces.
Reinforcing LG’s Commitment to Energy Efficiency and Innovation
LG’s participation at Mega Clima Nigeria 2026 reflects the company’s broader commitment to delivering technologies that align with evolving consumer and industry needs, particularly in markets where energy efficiency and sustainable infrastructure are becoming increasingly important.
As conversations around environmental sustainability and smart infrastructure continue to shape the future of the HVAC industry, the exhibition provided an opportunity for LG to reinforce the role of intelligent climate solutions in supporting long-term energy optimisation and building performance.
The company’s showcased systems emphasised not only cooling performance, but also operational efficiency, adaptability, and user-focused design, qualities that continue to define LG’s approach to innovation across both consumer and commercial categories.
“This year, we showcased our inverter product range alongside advanced HVAC solutions that reflect LG’s continued commitment to innovation, energy efficiency, and smarter climate control technologies. One of the key highlights was our AI-powered VRF solution, the Multi V i, which represents the next phase of intelligent cooling systems we are introducing into the Nigerian market. As the headquarters of LG Electronics West Africa, Nigeria remains a strategic hub for us, and we remain committed to expanding access to innovative solutions that meet the evolving needs of customers and businesses across the region.”
LG’s presence at the exhibition also reflected its continued investment in engaging industry professionals, technical experts, and business stakeholders through platforms that encourage collaboration, knowledge exchange, and technological advancement within the HVAC sector.
Positioning Technology as a Driver of Smarter Living and Infrastructure
Beyond product displays, Mega Clima Nigeria 2026 created a broader conversation around the future of climate control technologies within rapidly developing urban environments. From commercial buildings and hospitality spaces to residential infrastructure, the demand for efficient and intelligent cooling systems continues to grow across the region.
By participating in one of West Africa’s most influential HVAC exhibitions, LG demonstrated its readiness to support this growth through solutions that combine advanced engineering, smart functionality, and energy-conscious performance.
The exhibition further reinforced LG’s philosophy of creating technologies that improve everyday experiences while supporting the broader goals of efficiency, sustainability, and modern living.
As the HVAC industry continues to evolve across Africa, LG remains committed to delivering solutions that not only respond to present demands, but also anticipate the future needs of businesses, homes, and infrastructure across the continent.
E-Business
Kaspersky Warns that Scammers are Exploiting World Cup 2026 Travellers

Kaspersky experts explain which online offers travellers should be cautious of when planning their trip, to avoid spoiling their experience ahead of the upcoming games.

Thousands of fans are expected to attend the World Cup 2026, and many are already handling their travel logistics, purchasing their flights and other transport tickets, booking accommodation, and arranging everything they need to reach the host cities. As interest grows, so does the number of fraudulent schemes that exploit the fact that fans are actively preparing for their upcoming journey.
In late April 2026, Kaspersky experts detected a campaign exploiting the branding of a well-known transport app, targeting users in Mexico. The interface of a fake Spanish-language website, impersonating one of the services, prompts users to enter their phone number and password in order to “claim prizes.” In reality, the attackers are mimicking a trusted brand and attempting to steal users’ credentials from those lured by the promise of a reward.
Some cybercriminals go “a level lower” and post their offers on the dark web. Kaspersky Digital Footprint Intelligence experts discovered a thread advertising such services, published on a shadow forum in March 2026.
The listings included offers for discounted airline tickets, hotel bookings, and match tickets, allegedly at 20% off the original price. These offers are designed to lure users and can be highly dangerous, ultimately resulting in victims losing both their money and any services they expected to receive.
Entrepreneurs and property owners also in the crosshairs
Cybercriminals are also targeting businesses and entrepreneurs at the intersection of the travel industry, which is also involved in the event. Given the high demand for short-term rentals during the tournament, property owners have become an attractive target for scams.
For example, a fake website was discovered requesting account credentials for a well-known platform. In this way, scammers attempt to gain access to property owner accounts, potentially resulting in unauthorised withdrawals and financial losses.
Another common scheme involves fraudsters attempting to extract money from organisations by posing as representatives of well-known airlines and offering fictitious business partnerships. In these emails, they claim to be launching new projects or business expansion initiatives and state that they are actively seeking suppliers or contractors.
If a company representative responds to such an offer, the scammers typically escalate the deception in a subsequent stage. To enhance credibility, they send forged documents for completion and signature, including supplier registration forms and non-disclosure agreements.
The ultimate objective of the fraudsters in this scheme is to induce the organisation to pay a so-called “deposit,” ostensibly required to secure a priority position in a partner selection list.
According to the claims made in the fraudulent communications, this payment would later be fully refunded once the partnership is formally established. In reality, this promise is entirely deceptive. The perpetrators simply appropriate the funds, and no reimbursement is ever made to the victim organisation.
“The travel sector, particularly when it intersects with major events, is a persistent target for a wide range of scams and fraudulent schemes. For end users, it is often difficult to distinguish at first sight between a legitimate website and a spoofed one, or between genuine marketing communications from a reputable service and scam emails.
“We therefore advise treating overly attractive offers with a high degree of caution in order to protect your personal data and financial resources,” says Anna Lazaricheva, senior spam analyst at Kaspersky.
E-Business
Meta Platforms Contributed $820m to Nigeria’s Economy in 2025 – Report

Meta’s family of platforms, including Facebook, Instagram and WhatsApp, contributed an estimated 820 million dollars in annual economic value to Nigeria in 2025, according to a new report released on Wednesday.

Meta
The report titled “Nigeria’s Digital Economy” was conducted by independent research firm, Public First, and commissioned by Meta.
It stated that 14 million Nigerian small and medium-scale enterprises (SMEs) used Meta platforms in 2025 to start, run and grow their businesses.
According to the report, the platforms contributed about two billion dollars to Nigeria’s Gross Domestic Product (GDP) while generating an estimated 640 million dollars in productivity gains through instant messaging services.
The report noted that 81 per cent of Nigerian businesses surveyed said Meta platforms had helped them expand their customer base beyond their local areas.
It added that the digital tools had reduced customer acquisition costs and enabled businesses in different parts of the country to access wider markets.
The report also highlighted the growing role of artificial intelligence (AI) in Nigeria’s economy, projecting that AI could contribute 22 billion dollars to the country’s GDP by 2035 under favourable conditions.
It stated that 87 per cent of online Nigerians surveyed believed AI products developed within Africa would play an important role in the continent’s economic growth.
Speaking on the findings, Meta’s Director of Public Policy for Sub-Saharan Africa, Balkissa Ide Siddo, described Nigeria as one of the world’s most entrepreneurial and digitally engaged markets.
According to her, Meta platforms are helping to remove traditional barriers to business growth and enabling entrepreneurs to access broader economic opportunities.
“From a tailor in Lagos reaching customers across the country through Instagram, to a small business owner in Kano taking orders on WhatsApp, to a creator in Abuja building a global audience on Facebook, Meta’s platforms are unlocking real economic opportunity,” she said.
Siddo noted that WhatsApp had become a major gateway for AI adoption in Nigeria and across Sub-Saharan Africa.
She added that 93 per cent of Meta AI prompts in the region were made through WhatsApp, indicating that many users were engaging with AI technologies through platforms they already use daily.
The report further stated that 93 per cent of online Nigerian adults surveyed said they felt more connected to wider communities through Meta’s applications.
Also speaking, Alison Neyle, Director at Public First, said the findings reflected the increasing role of digital platforms in supporting entrepreneurship and participation in Nigeria’s growing digital economy.
“Nigeria’s digital transformation is creating new opportunities for businesses, creators and consumers alike.
“With the right combination of infrastructure, platform access and open-source AI, the upside for Nigeria is significant,” Neyle said.
The report projected that Meta’s contribution to Nigeria’s economy could rise to two billion dollars annually as digital adoption deepens and internet access improves across the country.
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