Fero Mobile has closed its operation in Nigeria. This is coming barely two years after the company unveiled in Nigeria. The news of their closure was reported to have been sent to their dealers in Nigeria and is yet to be made official as at the time of writing this report. According to a report by brandspurng, the company cited “harsh” economic policies as the reason for the closure.
With Tecno’s Transsion Holdings controlling 60% market shares, the Nigerian mobile market is the most competitive. Other tech giants like Samsung mobile, Huawei and Gionee are other major brands in the market. But the recent return of Nokia to the market have added more fierce competition to the market.
And according to market statistics, there are over 30 mobile phone brands in the Nigerian market. But it is just about 10 mobile operators that control the majority of market shares. These brands run promotions which they use to enhance sales.
The latest information shows that Fero saw that the smartphone market in Nigeria is not as easy as they thought. Further investigation revealed that Fero brands were temporarily put on hold because of various criticisms and controversies that followed their marketing and serving centres.
Midcom Group owns the Fero Mobile. The company is a diversified retailer of mobile phones, dairy products, and consumer electronics. And according to Midcom Group, the company is worth over $1.5billion.
This report of their exit has however not been confirmed from Fero Mobile as the brand still does business in other African markets. For now, we can’t confirm if the closure would affect other markets.