Jumia nominates Axian Telecom founder Hassanein Hiridjee for Supervisory Board amid takeover rumours

E-commerce company Jumia has submitted a proposal to appoint Hassanein Hiridjee, founder and director of Axian Telecom, to its Supervisory Board. The move follows the recent resignations of Angela Mwanza and Elizabeth Huebner, which left the board with only four members, below the six required under the company’s articles of association.

Jumia’s management had previously sought to reduce the board to five members, but this plan was rejected by shareholders at the annual general meeting on 19 June 2025. Hiridjee’s appointment would bring the board back to five members, leaving one seat unfilled.

The nomination has intensified speculation about a possible takeover. Axian Telecom, which recently raised its stake in Jumia to 9.97%, is now one of the company’s most influential investors. Jumia’s share price surged to a 52-week high of $8.68 on Tuesday, fuelled by growing rumours of an acquisition.

Reports of Axian’s potential interest in acquiring Jumia first surfaced in July 2025, when Bloomberg cited sources close to ongoing discussions and regulatory filings. Analysts also linked Axian’s recent $600 million bond issuance to ambitions for large-scale expansion, with Jumia widely considered a key target.

Jumia CEO Francis Dufay has not directly commented on takeover rumours but acknowledged ongoing talks with Axian. In an interview published on the Jumia website, he said: “we’ve been talking… looking at what we can achieve together, where we can create synergies.”

Axian has also avoided making direct statements on acquisition plans. However, the company has praised Jumia’s payment gateway, JumiaPay. In June 2025, Axian revealed it was exploring ways to integrate JumiaPay into its own fintech ecosystem. This development signals the potential for a wider strategic partnership, positioning Jumia not just as an e-commerce platform but also as a digital payments enabler across Africa.

For Jumia, which has been cutting costs to reach profitability, the backing of a major investor like Axian could prove pivotal. A stronger partnership would provide access to new capital, technology, and infrastructure, potentially strengthening Jumia’s position in Africa’s competitive online retail market.