BREAKING: Naspers shuts down Careers24 in Nigeria [Official Press Release]

UPDATE: Media24, the parent company to Careers24 has issued an official press release confirming that its Nigerian operations will shut down, effective March 1, 2019. According to Ishmet Davidson, CEO of Media24:

“Like any other business, we regularly review our portfolio of print and digital brands, products and services – some flourish, others battle. Thus the decision to close Careers24 Nigeria, which unfortunately hasn’t gained the expected traction in that market.”

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Original Story Below: 

Naspers, a multinational internet and media group, and top technology investor has allegedly shut down Careers24, a leading job portal in Nigeria.

Sources revealed to smepeaks that the multinational media group has given Careers24 an ultimatum of three months to prepare for the exit. Possibly because the platform has not proven as profitable as envisaged.

This is quite perplexing as Careers24 plays in one of the most demanded niches in Nigeria, with thousands of vacancy listings and hundreds of registered recruiters and employers on its platform, netting its revenue from recruitments and Ads placement.

To think that Naspers, one of the largest technology investors in the world is giving a quarter exit notice to one of its companies when we are barely into the new year only hints a sense of urgency from the group.

Meanwhile, it’s imperative to know that Careers24 isn’t the first company Naspers pulled the plug on. Last year, OLX faced the same fate when its Nigerian offices were shut down.

The group was also a major investor in Konga, Nigeria’s leading eCommerce platform which acquisition in early 2017 was a loss for Naspers.

We have reached out to Careers24 for further information on this.

More details later.

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[Full Press Release]

Media release
7 January 2019

Media24 to close Careers24 Nigeria operations

Job portal Careers24 will be closing its Nigerian operation effective 1 March 2019, parent company Media24 announced today (7 January 2019).

“Like any other business, we regularly review our portfolio of print and digital brands, products and services – some flourish, others battle,” says Ishmet Davidson, CEO of Media24. “Thus the decision to close Careers24 Nigeria, which unfortunately hasn’t gained the expected traction in that market.”

He emphasises that this will have no impact on Careers24’s operations in South Africa, which has shown considerable growth over the past year and is establishing itself as one of the leading job portals in the country.

According to Marc Privett, head of Careers24, they will continue to service existing clients and honour all current commitments in Nigeria until the closure. “We are following due process and have already consulted with the people affected in our Nigerian office.”

Ends

Released by Media24
For more information, contact:
Egbert de Waal
+27 21 406 3484 (office)
+27 83 561 7104 (mobile)
egbert@media24.com