Firm appoints Adesina into supervisory board

Jumia Technologies, the NYSE-listed African e-commerce company, has appointed former President of the African Development Bank, Dr. Akinwumi Adesina, to its Supervisory Board as part of efforts to strengthen governance and accelerate its path to profitability. The appointment was approved at the company’s Annual General Meeting held on May 15, according to a statement released […]

Jumia Technologies, the NYSE-listed African e-commerce company, has appointed former President of the African Development Bank, Dr. Akinwumi Adesina, to its Supervisory Board as part of efforts to strengthen governance and accelerate its path to profitability.

The appointment was approved at the company’s Annual General Meeting held on May 15, according to a statement released by Jumia on Monday.

Alongside Adesina, shareholders elected Hassanein Hiridjee, Chief Executive Officer of axian-group.com, and Benjamin Faw, a United States-based investor and business adviser, to the board.

Current Chairman Jonathan Klein and Deputy Chair Anne Ooga Eriksson were also re-elected.

Jumia said the new board combines expertise in development finance, African business operations and capital markets at a time when the company is seeking sustainable profitability after years of losses.

Adesina, a former Nigerian Minister of Agriculture, led the African Development Bank from 2015 to 2025, during which the institution’s capital base grew significantly. He is also credited with introducing Nigeria’s electronic fertiliser voucher programme, which reached millions of smallholder farmers.

Hiridjee heads Axian Group, a Madagascar-based conglomerate with operations spanning telecommunications, energy, financial services and real estate across 21 African countries, several of which overlap with Jumia’s markets.

Faw brings experience in marketing, institutional investment and e-commerce, with a track record of supporting growth-stage companies on their path to positive cash flow.

Jumia said it expects to achieve adjusted EBITDA breakeven and positive cash flow by the fourth quarter of 2026, while targeting full-year profitability in 2027.

The company reported that Gross Merchandise Volume (GMV) increased by 31 per cent year-on-year to $212.2 million in the first quarter of 2026, while revenue rose by 39 per cent to $50.6 million. Full-year 2025 GMV stood at $818.6 million.

According to the company, the improvement reflects ongoing efforts to reduce cash burn and improve operational efficiency.

Commenting on the appointments, Klein said the restructured board would provide the experience required for the company’s next phase of growth.

“This Supervisory Board brings together deep knowledge of African markets, governance experience and financial discipline needed as Jumia transitions toward sustainable profitability,” he said.

Adesina expressed confidence in the future of Africa’s digital economy and Jumia’s role within it.

“Africa’s digital economy and e-commerce sector are no longer future promises. Jumia has played a central role in building that ecosystem,” he said.

Jumia currently operates in eight African countries, including Nigeria, Kenya, Côte d’Ivoire and Morocco.

The company has undertaken a series of strategic changes in recent years, including exiting some markets, reducing its workforce and shifting from first-party retail operations to a marketplace-led model as it seeks to build a sustainable and profitable pan-African e-commerce business.