Uganda court battle puts Malagasy businessman Hassanein Hiridjee in spotlight

Malagasy businessman Hassanein Hiridjee finds himself at the center of a corporate dispute in Uganda even as he pushes ahead with plans to expand his telecom empire across Africa. Through his company, TowerCo of Africa, Hiridjee is reportedly accused of attempting to seize control of a local infrastructure firm in a case that has spilled into Uganda’s courts.

TowerCo Uganda dispute centers on takeover

TowerCo of Africa which holds a 90 percent stake in TowerCo Uganda is facing allegations that it orchestrated a fraudulent takeover of Ubuntu Towers, a local telecom infrastructure startup.

The company was founded in 2019 by Geoffrey Donnels Oketayot, Ronald Onzia and George Arthur Ssamula with the aim of offering affordable locally driven services in a market long dominated by giants such as American Tower Corporation and Helios Towers.

What began as a challenge to multinational dominance has turned into a courtroom battle over alleged undervaluation, shareholder oppression and contested injunctions. Ubuntu Towers was rebranded as TowerCo Uganda in 2023, but the dispute now threatens to reshape how much control Ugandan entrepreneurs can retain in a sector critical to the country’s digital economy.

AXIAN Telecom tops 42.9 million users, raises $600 million

While the legal fight plays out, Hiridjee is also pursuing deals beyond Uganda. His telecom group, AXIAN Telecom, has grown into Africa’s sixth-largest mobile operator with more than 42.9 million subscribers and 15.2 million mobile money users. Under his leadership, revenue rose from $1.08 billion to $1.4 billion last year, fueled by rising demand for 4G and 5G services.

To support that growth, AXIAN raised $600 million on international bond markets earlier this year. The funds will refinance debt and finance expansion of its digital infrastructure across the continent, signaling growing investor confidence in Africa’s telecom sector.

Hiridjee joins Jumia board as AXIAN lifts stake

Hiridjee has also moved into e-commerce. In August, he was nominated to Jumia Technologies AG’s Supervisory Board after AXIAN increased its holding in the African online retailer to 9.97 percent, an investment now worth more than $140 million. 

The investment strengthens AXIAN’s influence within Jumia and has fueled speculation about a possible buyout. Whether or not that materializes, Hiridjee’s strategy is clear: he wants to control both the networks that connect Africa and the platforms that run on them.