Online market place, Efritin.com, has packed up, barely 16 months after it began operations in the country.

A message on its website reads: “Efritin has left the building: It’s been a pleasure serving you all over the years, but we have now decided to close down the shop and go home. A big thanks to everyone for the support, and who knows – we might meet again.”

The company’s CEO, Nils Hammar, said in an interview that it was shut down because they didn’t achieve their set targets.

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“It basically has to do with the fact that we didn’t get desired returns on our investment, so we decided to scale back on our investments in Nigeria and that means we are forced to let many people leave the company,” he said.

“I think the data cost in Nigeria is very high. In comparison to other parts of West Africa, Africa and the rest of the world, it is very expensive to use the Internet for the vast majority of the people. It is very difficult for e-commerce and classifieds because they are quite late in the evolution of the Internet industry,” said Nils.

There were reports that the firm’s former managing director, Zakaria Hersi, stole and falsely created invoice trails.

Hammar however added that he would not be commenting on the issues. “I’m not commenting on any legal issues whether it’s true or its status. I understand the question from your point of view, but I cannot comment on it,” he said.