TowerCo of Africa Under Fire: Accused of Takeover Plot in Uganda
A significant power struggle is reportedly unfolding within Africa’s rapidly evolving digital economy, centered on billionaire Hassanein Hiridjee, Chairman of Axian Telecom. His company, TowerCo of Africa, is embroiled in a contentious shareholder dispute in Uganda, facing serious accusations of orchestrating a fraudulent takeover. This situation also arises amidst broader discussions around Hiridjee’s increasing influence, including his recent appointment to Jumia’s Supervisory Board, which has sparked its own set of takeover speculations.
The Ugandan Takeover Plot Unpacked
In Uganda, Hiridjee’s telecom tower enterprise, TowerCo of Africa, is reportedly accused by Condia of attempting a fraudulent takeover of Ubuntu Towers. This local telecoms infrastructure firm was established in 2019 by founders Geoffrey Donnels Oketayot, Ronald Onzia, and George Arthur Ssamula with the explicit aim of providing a competitive alternative to the established dominant players in the market. The allegations suggest a systematic attempt to seize control of Ubuntu Towers, a move that would have profound implications for the local digital landscape and the principle of fair competition within the burgeoning African tech sector. These accusations underscore the intense competition and strategic maneuvers characterizing the expansion of telecom infrastructure across the continent.
The reported dispute highlights the intricate challenges and potential pitfalls for local startups in an environment increasingly attracting large foreign investment and influential figures. The outcome of this alleged fraudulent takeover attempt could set a precedent for future collaborations and disputes in the vital African telecoms infrastructure market, influencing how indigenous companies like Ubuntu Towers can operate and grow.
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