A regulatory filing has laid bare the ownership structure of Jumia Technologies, revealing that French-Malagasy businessman Hassanein Hiridjee holds a stake that far outstrips the combined holdings of all other directors and senior executives. The disclosure comes as the African e-commerce group pushes toward breakeven after years of restructuring, raising fresh questions about the influence of its largest shareholder.
On 18 March 2026, Jumia filed multiple initial statements of beneficial ownership (SEC Form 3), detailing the American Depositary Shares (ADS) held by each director and senior officer. Among them, Hiridjee’s declaration stands out sharply. The filing shows that he beneficially owns 12,213,838 ADS through Axian Telecom. With each ADS representing two ordinary shares, this translates into a total beneficial interest of 24.4 million ordinary shares. The stake is held indirectly via a layered structure: the ADS are owned by Axian Telecom, which is itself wholly owned by Axian Telecom Holding and Management, ultimately controlled by Hiridjee.
The scale of this position becomes clearer when set against the holdings of other insiders. CEO Francis Dufay reported 255,425 ADS alongside 912,000 virtual restricted stock units (VRSUs) tied to performance. EVP Finance & Operations Antoine Maillet-Mezeray disclosed 299,992 ADS and an identical tranche of VRSUs. Other directors hold significantly smaller stakes: Jonathan Klein reported 150,137 ADS jointly with his spouse; Pierre-Yves Calloc’h holds 52,499 ADS; Blaise Judja-Sato 16,000 ADS; while Anne Kembene Ooga Eriksson reported no beneficial ownership.
In aggregate, the direct ADS holdings of all other reporting directors and officers — excluding Hiridjee — amount to roughly 774,000 ADS, or about 1.55 million ordinary shares. Hiridjee’s indirect holding of 12.2 million ADS (24.4 million ordinary shares) outweighs this by nearly 16 to one.
Hiridjee, born in Antananarivo in 1975 and later naturalised French, is the CEO of Axian Group, a conglomerate spanning telecommunications, energy, financial services and real estate. He took over the family business after graduating from ESCP Europe in 1997. He joined Jumia’s supervisory board in August 2025 after Axian Telecom built a stake of just under 10% in the company, then valued at about $110 million. Axian initially acquired an 8% holding in June 2025 before increasing it to 9.97%, with Hiridjee’s board appointment following a period of resignations that had left the six-member supervisory board understrength.
Axian has publicly backed Jumia’s “continued growth and success,” though analysts have pointed to the possibility of a full takeover as the group deepens its push into Africa’s digital economy. Earlier in 2025, Axian raised $600 million through a bond issuance to support regional expansion, underlining its financial capacity.
Jumia’s turnaround, meanwhile, remains in progress. Since Dufay took over in late 2022, the company has exited weaker markets including Tunisia, South Africa and Algeria. Losses have narrowed from $206 million in 2022 to an expected $50–55 million this year. In the second quarter of 2025, revenue rose 25% year-on-year to $45.6 million, while operating losses fell 18% to $16.5 million. The company is targeting breakeven in the final quarter of 2026 and its first full-year profit in 2027, with analysts assigning price targets between $15 and $18 — implying significant upside from recent trading levels around $6.70 to $7.00.
The filings themselves are procedural but revealing. Under US securities law, Form 3 must be submitted when an individual becomes a director, officer or beneficial owner of more than 10% of a company’s equity. It is an initial disclosure rather than a record of a new transaction. In this case, it reflects Hiridjee’s existing position at the time he assumed his board role.
Still, the timing is notable. Although Axian first acquired its stake in June 2025, the full extent of Hiridjee’s beneficial ownership only became public on 18 March 2026, when the filings were submitted to the SEC. The documents were signed by Vanessa Connolly, Jumia’s general counsel, acting as attorney-in-fact for the reporting individuals.
The implications are clear. The concentration of ownership in a single director — with no other shareholder close — gives Hiridjee substantial influence over Jumia’s strategic direction. His telecoms and infrastructure background aligns closely with Jumia’s logistics-heavy e-commerce model, while Axian’s footprint overlaps with many of Jumia’s core markets.
Whether this influence evolves into a full takeover remains uncertain. Axian has made no formal bid, and Jumia continues to operate under its current management. But the regulatory filings leave little doubt about the balance of power on the shareholder register. For now, Jumia’s turnaround hinges on execution — but its largest shareholder now has both a seat at the table and a stake that speaks for itself.