In a significant move that highlights its evolving corporate landscape, e-commerce giant Jumia has officially filed a petition to appoint Hassanein Hiridjee, the founder and director of Axian Telecom, to its Supervisory Board. This proposal comes after the recent resignations of two board members, Angela Mwanza and Elizabeth Huebner, which left the board with only four members, falling short of the six required by the company’s articles of association.
The initial plan by Jumia’s management to reduce the board to five members was rejected by shareholders at the annual general meeting on June 19, 2025. With Hiridjee’s potential appointment, the board would return to a five-member structure, with one seat still vacant.
This proposed appointment isn’t a surprise to market watchers. Axian Telecom, now one of Jumia’s most influential investors after increasing its stake to 9.97%, has intensified speculation about a potential takeover. This speculation has fueled a sharp rally in Jumia’s stock, which recently hit a 52-week high of $8.68 on Tuesday.
Rumors about Axian’s interest in a full buyout of Jumia first emerged in a July 2025 report by Bloomberg, which cited sources close to internal negotiations and regulatory filings. The report also noted that a recent $600 million bond issuance by Axian was seen by analysts as a move to fund a major expansion, with Jumia being a prime target.
While Jumia CEO Francis Dufay has not directly addressed the acquisition rumors, he did state in an interview on the Jumia site that “we’ve been talking… looking at what we can achieve together, where we can create synergies” with Axian. This suggests a collaborative relationship is already underway.
Similarly, Axian has remained tight-lipped on its intentions. The company has, however, publicly praised Jumia’s digital platforms, particularly its payment gateway, JumiaPay. In a June 2025 press release, Axian announced its intent to explore using JumiaPay within its own fintech ecosystem. This positions Jumia not just as a merchant platform but as a payment enabler for broader digital services, hinting that the collaboration might be a strategic partnership rather than a prelude to a full acquisition.
For Jumia, which has been making difficult cuts to achieve profitability, the market’s positive reaction and the potential for a strategic investor like Axian could be a significant turning point. This collaboration promises access to new capital, technology, and networks, which could help Jumia reassert its position in the competitive African e-commerce landscape.
