Malagasy businessman Hassanein Hiridjee is now Jumia's largest shareholder. Our read is that an Axian takeover is no longer just hypothesis

Axian's stake-build into Jumia ran from 8 percent in June 2025 to 9.97 percent by August. The Berlin court appointed Hiridjee to the Supervisory Board. All we see is that analyst class catching up to where the cap table already is.