What AFRICON Group does

AFRICON Group is a privately-held Greek diversified holding company founded in 1998 by Dr. Alkis Algianakis and headquartered in Athens, Greece. Operating across 11 distinct sectors (Oil & Gas, Shipping, Telecommunications, Healthcare, Financial Services, Energy, Real Estate Development, Consulting, Arts, Community, and Bunkering), the company functions primarily as a market-entry facilitator and operational partner for foreign businesses seeking to establish or expand operations in Nigeria and West Africa, supplemented by maritime telecommunications, shipping agency, and project development activities globally.

Its core operating assets include ITHAX (a VoIP and satellite telecommunications service provider established in 2000, succeeding ARCOM which was wound down in 2013), the proprietary HYDRA ERP/CRM/Billing system used to manage operations, agents, and billing, NOVICON (real estate construction and renovation), ANAX Invest (an acquisition vehicle targeting financial services), and Techniki Diamorfosi (construction). Key external partnerships include Hyundai Heavy Industries for a 2,000+ MW power generation build-manage-operate project in Nigeria, Samsung C&T for a 9-hospital public-private partnership, ELPEN for pharmaceutical distribution, CosmosBridge/Western Union for money transfer network expansion, Seagull Shipping for Egyptian port agency and Suez Canal transit, and Pivotel for satellite telecom distribution.

Revenue is generated through a mix of professional service fees (consulting, market entry, shipping agency), subscription-based telecom services (VoIP and satellite communications), transaction-based fees (Western Union money transfers), managed services contracts (energy and hospital PPPs), and pharmaceutical distribution. With 11–50 employees and offices in Athens, Lagos, Abuja, New York, and the Middle East, AFRICON runs an executive-led, relationship-driven B2B sales motion with custom enterprise pricing, supplemented by JV partners and agent networks for telecom and financial services distribution.

Name

AFRICON Group

Legal name

AFRICON Group

Website

https://africongroup.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

AFRICON Group is a privately-held Greek diversified holding company founded in 1998 that operates across 11 sectors — providing market-entry consulting, VoIP/maritime telecom, shipping agency, energy project development, healthcare PPPs, and financial services — primarily serving foreign companies seeking to establish operations in Nigeria and West Africa.

Ownership category

akta.pro rank

Product category

International Business Consulting

NAICS

Other Management Consulting Services (541618), Portfolio Management and Investment Advice (523940)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282)

akta.pro primary industry

Strategy & Corporate Development Consulting (BPAHACAA)

akta.pro secondary industries

Corporate Strategy Advisory (BPAHADAA), Corporate M&A / Venture Build-to-Buy Programs (Acqui-hire, option-to-acquire) (FSANAHAG)

Keywords

• Market entry consulting
• Maritime telecommunications
• Port agency services
• Power generation projects
• West Africa investment

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Business Consulting Services: Consulting fees for market entry, business setup, and expansion services in Nigerian and West African markets. Services include initial consultation, market research, company registration, banking setup, corporate profile creation, secretarial support, travel arrangements, security, PR/meetings arrangement, and financing assistance.
2. Telecommunications Services: Revenue from VoIP telephony, satellite communications, and related telecommunications services through ITHAX. Includes cheap quality calls towards all major terrestrial and satellite networks, inbound/outbound telephony, local telephone numbers for most major cities worldwide.
3. Shipping & Port Agency Services: Port agency, husbandry services, marine transportation, offshore support, and Suez Canal transit services. Revenue generated from agency fees, transit fees, and related marine logistics services.
4. Healthcare Services: Distribution of pharmaceutical products through ELPEN partnership in West Africa. Hospital PPP projects and healthcare facility development.
5. Energy Projects: Power generation projects including build-manage-operate arrangements for power plants in Nigeria in collaboration with Hyundai Heavy Industries. Initial project discussions involve combined capacity of over 2,000 MW.
6. Financial Services: Money transfer services through CosmosBridge/Western Union joint venture expansion in Africa. Investment services through ANAX Invest for acquiring companies with growth potential.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

AFRICON Group is a diversified holding company that helps international businesses establish and expand operations in Nigeria and West Africa. Its core offerings span market-entry consulting (company registration, banking setup, corporate profiles, secretarial support), VoIP and maritime satellite telecommunications (via subsidiary ITHAX), shipping/port agency services (including Suez Canal transit), power generation projects, healthcare PPP initiatives, pharmaceutical distribution, real estate development, and financial services including money-transfer network expansion.

Product overview

AFRICON Group is a diversified conglomerate operating across multiple sectors including Oil & Gas (bunkering), Shipping (marine services, port agency, Suez Canal transit), Telecommunications (via ITHAX VoIP services), Financial Services (ANAX Invest, Western Union services, cryptocurrency mining), Energy (power generation with Hyundai), Real Estate Development (NOVICON, Techniki Diamorfosi), Consulting, Health Care, and Arts. The core technology operations center on ITHAX, a VoIP telecommunications platform providing business telephony services with online billing portals, supported by the proprietary HYDRA ERP/CRM/Billing system. The group operates through subsidiaries and affiliated brands across Africa, Europe, and the Middle East.

Differentiator

Problem solved

Functional benefit

Products and services

• West Africa Market Entry Consulting End-to-end consulting and operational setup service for foreign companies seeking to enter or expand in Nigeria and the broader West African market. Includes company registration, banking relationships, corporate profile creation, secretarial support, travel logistics, local PR, and financing coordination.
• ITHAX VoIP Telecommunications Professional VoIP and IP telephony service for business users, offering cheap quality calls to major terrestrial and satellite networks, real-time online billing, SIP-based systems, and web portals for customers and agents. Operates through AFRICON's subsidiary ITHAX.
• Maritime Satellite Communications Satellite and cellular communication solutions for the maritime industry, including Inmarsat, Iridium, Thuraya, VSAT systems, GSM-over-satellite, and fleet tracking software for shipping companies and government clients.
• Port Agency and Suez Canal Transit Services Ship agency and marine services across Egyptian ports delivered with Seagull Shipping. Covers Port Call, Suez Canal transit, Crew Change, Provision, Stores, transport, logistics solutions, technical supply, bunkering, and maintenance, available 24/7.
• Bunkering and Oil Trading Sourcing and delivery of crude oil products and marine bunkering services to clients across the USA, Europe, Asia, and Africa, supported by established relationships with physical suppliers, refineries, and end customers.
• Power Generation Projects Build-manage-operate power generation projects in Nigeria in collaboration with Hyundai Heavy Industries, addressing the country's electricity gap through diesel power plants, packaged power stations, and combined-cycle power plants.
• Hospital PPP Development Public-Private Partnership hospital upgrade and construction projects in Nigeria delivered with Samsung C&T Corporation, building a network of technologically advanced hospitals across multiple Nigerian states.
• Pharmaceutical Distribution (ELPEN) Distribution of high-quality pharmaceutical products from Greek manufacturer ELPEN to Nigerian and West African markets, with NAFDAC regulatory registration.
• Western Union Money Transfer Network Expansion Joint venture with CosmosBridge to expand Western Union money transfer services through retail non-bank locations across African countries, building on established remittance agent networks.
• NOVICON Real Estate Construction Real estate construction, renovation, and development services via subsidiary NOVICON, covering office, multi-family, student housing, senior living, education, industrial, research, and hospitality segments across the USA, Europe, and Africa.
• ANAX Invest Acquisitions Investment and acquisition services for companies with high growth potential, with particular emphasis on the financial services sector where technology can drive transformative growth.

Quantifiable outcome

• 11% market share of Inmarsat traffic from Greek-owned commercial fleet (historical peak)
• +3 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Seagull Shipping CompanycoreStrategic or Co-development Partner · 14 November 2022AFRICON and Seagull Shipping joined forces to provide comprehensive shipping and marine services. Seagull Shipping carries over 25 years of experience specializing in all types of ship's agency services at all Egyptian ports. Services include Port Call, Suez Canal transit, Crew Change, Provision, Stores, transport, logistics solutions, technical supply, bunkering and Maintenance. The partnership offers 24/7 operations 365 days a year with licensed services in all Egyptian ports.
• PivotelcoreTechnology or Integration · 9 November 2020AFRICON partnered with Pivotel (Australian owned and operated telecommunications company) in the telecommunications sector. Pivotel is the only mobile carrier in Australia focused on mobile satellite services, providing reliable and secure satellite and cellular communication solutions. It is the fourth largest mobile carrier in Australia and the only Australian carrier with direct connection to all four major mobile satellite networks: Iridium, Inmarsat, Thuraya and Globalstar. The partnership aims to enhance Pivotel's global land and maritime telecommunications sales and solutions, building upon AFRICON's extensive presence and experience since 1998.
• CosmosBridge/Western UnioncoreStrategic or Co-development Partner · 20 January 2020AFRICON Group and CosmosBridge joined forces as a Joint Venture for the expansion of the Western Union network in African countries, with special emphasis on retail non-bank locations. CosmosBridge is part of the same entrepreneurial Group that owns Western Union Representatives/Agents including WorldBridge in Greece (1,100+ locations), EKI Transfers in Serbia/Montenegro (1,540 locations), and BPN Odeme Kurulusu in Turkey (900+ locations).
• ELPENcoreStrategic or Co-development Partner · 20 January 2020AFRICON partnered with ELPEN, the leading Greek pharmaceutical company, to offer high quality medicines to the West African and Nigerian market. AFRICON is registered with NAFDAC (Nigerian regulatory authority) and will be distributing medicines in Nigeria and West Africa.
• Hyundai Heavy Industries Co.LtdcoreStrategic or Co-development Partner · 28 August 2009AFRICON and Hyundai Heavy Industries (HHI) joined forces to tackle power generation shortage in Nigeria. They plan to build large power stations in various states of Nigeria to cover part of the huge gap between currently produced energy and actual demand (gap of over 30,000 MW). The first project under discussion involves combined solutions comprising new Diesel, Packaged Power Station and combined-cycle power plants with total capacity of over 2,000 MW. They are working with the Federal Ministry of Energy and the Nigerian Energy Council on build-manage-operate projects.
• Samsung C&T CorporationcoreStrategic or Co-development PartnerAFRICON Health is working on Public-Private Partnership (PPP) with the Nigerian Ministry of Health for the upgrade/building of 9 health institutions in various states of Nigeria, in collaboration with Samsung C&T Corporation. The company is setting up a network of hospitals in neuralgic parts of the country to offer better and technologically advanced medical care to the Nigerian people.
• ITHAXcoreOthersITHAX is a sister company operating under the AFRICON Group umbrella. Established in 2000, ITHAX is a professional VoIP telecommunications service provider catering for heavy business users and those needing cheap quality calls towards all major terrestrial and satellite networks. ARCOM (established 1998) was the predecessor to ITHAX, reaching its EOL in 2013. ITHAX website design and development services are provided by ITHAX.
• ANAX InvestcoreOthersANAX Invest is an investment company and member of the AFRICON Group of Companies. It specializes in identifying and acquiring companies with high growth potential, particularly within the financial services sector. Post-acquisition, Anax Invest commits to delivering value through strategic, technological, operational, and commercial initiatives.
• International Foundation for Greece (IFG)minorOthersInternational Foundation for Greece was founded in London by George and Aspasia Leventis, aiming to develop an international network of support for those in need. The foundation offers medical equipment, ambulances, heating oil for schools, and charitable support. AFRICON actively supports IFG through cultural event sponsorships and is affiliated through shared leadership (Dr. Alkis Algianakis involvement).
• Breast Cancer Action FundminorOthersBreast Cancer Action Fund is a nonprofit organization striving to contribute to combating breast cancer. AFRICON is affiliated with BCAF, supporting its humanitarian, social and scientific purposes including diagnostic tests, treatment costs, breast unit creation, scholarships, and scientific protocols.

Scale indicators6 records

Recent moves2 records

Broad incumbents

• Actis: Global emerging-markets private equity firm with a deep Africa franchise investing in energy, infrastructure, and consumer businesses. Comparable as an established institutional capital allocator building African infrastructure and services platforms.
• Dangote Group: Nigeria's largest diversified conglomerate spanning cement, sugar, flour, oil refining, petrochemicals, and infrastructure. Comparable in the breadth of Nigeria-focused industrial diversification, though vastly larger in scale and execution capacity.
• Helios Investment Partners: Africa-focused private equity firm with $4B+ AUM investing across financial services, telecom, energy, and consumer. Comparable as a sector-spanning Africa investor pursuing platform-building and operational transformation.
• Africa Finance Corporation: Pan-African multilateral development finance institution investing in infrastructure and industrial projects across Africa. Comparable as a major counterparty/facilitator for the kind of large-scale power and healthcare infrastructure deals AFRICON is pursuing.

Emerging players

• Econet Wireless: Pan-African telecommunications, fintech and renewable energy group founded by Strive Masiyiwa. Comparable as a diversified African platform pursuing telecom, energy, and digital financial services across multiple African markets.

Direct peers

• Sahara Group: Nigeria-based integrated energy and infrastructure conglomerate with operations across upstream/downstream oil & gas, power, infrastructure, and trading. Closely comparable to AFRICON's Nigeria-focused, multi-sector strategy spanning energy, oil & gas, and trading activities.
• Lonrho plc: Historic Africa-focused conglomerate with a diversified portfolio across logistics, infrastructure, hospitality, and natural resources. Comparable as a multi-sector African holding pursuing both services and infrastructure plays in frontier markets.
• Heirs Holdings: Pan-African diversified holding company with investments across energy, financial services, healthcare, hospitality, and real estate, founded by Tony Elumelu. Highly comparable to AFRICON as a privately-held African-focused diversified group pursuing infrastructure and services opportunities in Nigeria.

Regional players

• Globacom: Nigerian multinational telecommunications company with operations across Nigeria, Ghana, and Benin. Comparable as a Nigerian telecom operator that ITHAX could partner with or compete against in West African connectivity markets.

Others

• Wizall Money / MoneyGram African Agents: MoneyGram's African retail remittance agent network, comparable to AFRICON's CosmosBridge/Western Union joint venture. Both compete in building retail non-bank remittance footprints across African markets.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFRICON Group