Media24 is shutting down Career24 in Nigeria over stiff competition
Marc Privett, Head of Careers24, says the company will continue to service existing clients and honour all current commitments in Nigeria until March 2019.
Career24 was launched in February 2014 to battle the job market with Jobberman and others but unable to survive in the Nigerian market.
Media24, a subsidiary of Naspers, South African-based multinational internet and media group has confirmed that it is shutting Career24, online job portal in Nigeria after 5 years.
In a response to Business Insider Sub-Saharan Africa enquiry, Media24 said the job portal Careers24 will be closing its Nigerian operation effective 1 March 2019.
The company made an official announcement in an exclusive statement emailed to Business Insider Sub-Sahara Africa on Monday, January 7, 2018.
Ishmet Davidson, CEO of Media24, said, “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 managed to gain the expected traction in that market.”
Davidson 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.
Marc Privett, Head of Careers24, said 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.”
According to a statement on its website, Career24 classed itself as one of the leading job portals in Nigeria bringing the job seeker and the recruiter together.
Career24 launched in February 2014 to battle the job market with Jobberman and others but unable to survive the market battle as LinkedIn has disrupted the recruitment space.
It is not the first Naspers-backed venture that has gone down the line in the Nigerian market.
Stiff competition sending Naspers out of Nigeria
In 2018, Naspers also closed offices of their e-Commerce platform OLX in Nigeria, Kenya and Ghana.
In the same year, the company sold its stake in Nigerian B2C marketplace Konga, to Zinox Technologies.
In South Africa, competition from the online streaming giant, Netflix, is also another worrisome for its PayTV, MultiChoice. Despite opposition in Nigeria due to frequent hikes in subscription plans, the company still enjoys smooth rides.