Real reason tech start-up Efritin.com stopped operations in Nigeria

The exit of a tech start-up Efritin.com from the Nigerian market left many surprised especially after its entry was described as a perfect match for Nasper’s OLX which was the market leader at the time.

While giving reasons for its exit, Nils Hammer, CEO of Saltside Technologies (the Swedish-based parent company to Efritin) informed that poor internet penetration and adoption, high cost of data as well as the challenging economic conditions were the major reasons for closing shop in Nigeria.

However, the issues listed above may not be the only reasons the tech start-up packed up. Impeccable sources revealed that the sack of former marketing manager, Uche Ajene who filed a court suit against the former MD of Efritin.com, Zakaria Hersi may be the major reason for closing shop.

Ajene accused Hersi of allegedly stealing thousands of dollars, turning a blind eye to internal mismanagement and falsefully creating invoice trails.

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According to the source, that was the beginning of the end for Efritin.com Nigeria as they struggled to raise further investment to scale up the business.

“As much as Efritin.com had improved the classified business model in Nigeria, it may have closed down operations as a result of her internal crisis.” The source added finally.

Efritin.com’s operation which took off in August 2016, was greeted warmly and as is the case with most firms with a strong financial support, it settled in quickly, acquiring an expensive office location, carrying out massive advertising spend, acquisition of other recurrent expenses that included staff salaries, but its sudden exit has left so many in disbelief.

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