Anyone can say anything on social media long or short but I would never make an investment decision based on what he says." In its report on Jumia, Citron repeatedly refers to Jumia as a "Nigerian company" involved in fraud and notes "not even that elusive Nigerian prince can cover this one up." That reference is significant given the infamy of online fraudsters claiming to be fake Nigerian princes and the fraud red flags such emails are known to signal. Nigeria is Jumia's biggest market but, as its S1 filing (which Citron claims to have analyzed) pointedly shows, Jumia Group is not a Nigerian company as it is led by French founders, incorporated in Germany and headquartered in Dubai. And, as Quartz Africa has previously reported, Jumia's identity as an African company has become a hot button topic since news of its planned IPO first surfaced with notable insiders in African tech ecosystem keen to brand the company as European rather than African.