Axian telecom Chair, Hiridjee tightens grip on Jumia as tower dispute unfolds in Uganda

Billionaire Hassanein Hiridjee, and Board Chairman of Axian Telecom, is at the centre of two major battles shaping Africa’s digital economy. His tower company, TowerCo of Africa, is locked in a shareholder dispute in Uganda, even as Axian Telecom strengthens its grip on e-commerce giant Jumia.

The fight has become one of the most closely watched corporate battles in East Africa’s telecom sector. Hiridjee’s TowerCo of Africa, a telecom tower operator similar to IHS and Helios Towers, is being accused of orchestrating a fraudulent takeover of another telecoms company, Ubuntu Towers. The case has spilt into the courts, with allegations of undervaluation, shareholder oppression, and injunctions freezing share transfers. 

Ubuntu Towers was founded in Uganda by three young entrepreneurs — Geoffrey Donnels Oketayot, Ronald Onzia, and George Arthur Ssamula in 2019 to challenge the dominance of multinational tower operators. At the time, Uganda’s telecom infrastructure was controlled by foreign giants, such as American Tower Corporation and Helios Towers, leaving local operators with little influence over pricing and access. The founders positioned Ubuntu Towers as a homegrown alternative, promising lower costs, wider rural coverage, and stronger partnerships with Ugandan mobile operators.

By July 2023, it rebranded to TowerCo, which is 90% owned by TowerCo of Africa (TOA)

At the same time, Hiridjee is expanding its influence in Jumia, Africa’s e-commerce giant. Through Axian Telecom, he now controls nearly 10% of Jumia’s outstanding shares. In August 2025, Axian sought to secure a board seat for Hiridjee, thereby gaining direct governance power within the NYSE-listed company.

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Reports suggest that Axian is preparing a possible takeover bid, with $600 million raised to finance acquisitions. If successful, the deal could lead to Jumia being delisted from the New York Stock Exchange, bringing it firmly under Axian’s control.

The twin battles highlight a single strategy. Hiridjee is seeking to control both the infrastructure and the platforms that define Africa’s digital future.

For Jumia, this could bring new capital and telecom synergies, but it also revives debates about foreign dominance in African startups. The same concerns fueling resistance in Uganda now shadow Jumia’s next chapter.