Axian CEO Hassanein Hiridjee Joins Jumia Board as Telecom Giant Signals Potential Acquisition
Axian’s CEO joins Jumia’s board at a pivotal moment, raising questions about what this could mean for the future of African e-commerce.
Axian Group CEO Hassanein Hiridjee has officially joined Jumia’s supervisory board, stepping in for Angela K. Mwanza, who resigned on 23 June.
The move comes amid growing speculation that the Mauritius-based conglomerate may be positioning itself for a deeper stake—or even a potential takeover—of Africa’s largest e-commerce platform.
Strategic Financial Moves Signal Ambition
In late June, Axian Telecom raised USD 600 million in a bond issuance aimed at refinancing existing debt while potentially funding a Jumia acquisition. The oversubscribed notes, maturing in 2030, highlight investor confidence in Axian’s growth strategy and Africa’s digital economy.
Axian already holds an 8 percent stake in Jumia, valued at roughly USD 40 million, signaling a serious interest in the company’s future. Bloomberg sources have cautioned that no final deal has been made, and negotiations could still fall through.
Telecom Meets E-Commerce
Axian operates across 17 African and Middle Eastern markets, with a footprint in mobile broadband, fiber, and data infrastructure. This positions the company uniquely to integrate telecom capabilities with Jumia’s digital retail platform, potentially improving logistics, customer reach, and operational efficiency.
The strategic fit is clear: e-commerce growth depends on robust digital infrastructure, and Axian offers a ready-made backbone to support Jumia’s expansion ambitions. Analysts note that such synergies could accelerate adoption of online retail across key African markets where connectivity remains a hurdle.
Implications for Africa’s Digital Landscape
A deeper partnership—or acquisition—would mark a major milestone in Africa’s tech ecosystem. Jumia, currently valued at around USD 500 million, has been gradually improving operations, including supply chain efficiency and market penetration. Axian’s entry into the boardroom adds a layer of financial muscle and regional expertise that could help Jumia navigate its next growth phase.
For Axian, the move is part of a broader strategy to diversify beyond telecom, tapping into e-commerce and other high-growth digital sectors. For Africa, it underscores the increasing interplay between finance, infrastructure, and technology in shaping the continent’s digital future.
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