VENTURES AFRICA – After months of speculation, Raphael Afaedor and Tunde Kehinde, co-CEOs of Jumia Nigeria, Rocket Internet’s largest online store in Africa, have exited the company.
They have been replaced by Nicolas Martins and Jeremy Doutte.
Jumia co-founder Raphael Afaedor took over reins of the ecommerce startup mid-2012 with a multimillion-dollar investment from Berlin-based Rocket Internet.
Three months later, following a controversial merger, Harvard Business-trained Tunde Kehinde emerged a co-Managing Director.
Both execs helped build the startup into one of Nigeria’s leading online retailers, with a reported $50 million in investments from foreign VCs.
Though reasons for their resignation remains shrouded, Tunde Kehinde has been tipped to launch a logistics company.
Going by the former Diageo exec’s LinkedIn page, he has founded a new company called NewCo, a new player in Nigeria’s logistics space.
New entrant Nicolas Martins, a 3-year McKinsey&Co senior engagement manager, began working in the Lagos-based Jumia warehouse August last year while his partner Jeremy Doutte was drafted from Jumia’s sister company in Egypt.