Ubuntu Towers acquired by Madagascan billionaire; to rebrand to Towerco Africa

Tower Corporation of Africa (Tower Co Africa), a company incorporated in Port Louis, Mauritius has acquired 90% of Ubuntu Towers Uganda Limited (UBUNTU).

Tower Co Africa is a wholly-owned subsidiary of the Axian Group Mauritius with a reported USD 1.3 Bn in total revenue in 2021.  Axian is a pan-African group that operates in ten countries and is invested in telecoms, financial services, real estate, energy and open innovation. 

The Group was founded and is owned by Madagascan billionaire Hassanein Hiridjee, who is also the Group CEO. Hasssanien was named one of 2022’s Top 100 Most Influential Africans by New African magazine, just months after being awarded ‘CEO of the year’ at the Africa CEO Forum.

Ubuntu Towers Uganda Limited (UBUNTU) was granted a 15-year National Public Infrastructure Provider (NPIP) license by the Commission on 11th May 2021 to provide infrastructure services in Uganda.  

The company, is a developer and operator of passive infrastructure and tower sites across the whole of Uganda with the ambition to expand into other East African Markets. Its target customers are mobile telecommunication operators. The range of services provided by Ubuntu Towers include rooftop sites, in-build solutions, street pole sites and greenfield sites.

The company was founded by Geoffrey Donnels Oketayot, now the Chief Executive Officer; George A. Ssamula as Chief Legal Officer and Ronald Onzia as Chief Operations Officer.  The trio, previously worked for Eaton Towers Uganda and upon Eaton being acquired by ATC Africa to form a larger ATC Uganda with 90% market share, the trio moved on to found Ubuntu Towers.

They were joined by Harold Luzinda, who became the Chief Commercial Officer and Mark Anthony Otai as Chief Finance Officer. The two have also been each given 1.3% shares of the new company. 

Ubuntu Towers which now has below 10% of market share, has since won some key tower construction deals from MTN Uganda and Airtel Uganda.