Company: Afriquia
Country: Morocco
Sector: Oil and gas
CEO: Said El Baghdadi (reported CEO; company founded/controlled by the Akhannouch family)
Website: Not publicly listed
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Casablanca, Morocco
Founded: 1959
Valuation/Revenue: $2,833.0m revenue (African Business Top 250, 2025); market value not publicly available
Afriquia is Morocco’s largest fuel distribution company, operating a nationwide network of over 400 service stations along with fuel storage, transport, lubricants and liquefied petroleum gas distribution (through its Afriquia Gaz subsidiary). It is a core business of Akwa Group, the diversified conglomerate controlled by the family of Morocco’s Prime Minister, Aziz Akhannouch.
What Does Afriquia Do?
Afriquia distributes petroleum products – primarily fuel for road transport – through a large network of branded service stations across Morocco, alongside related businesses in fuel storage and logistics, lubricants, and (through Afriquia Gaz) bottled and bulk liquefied petroleum gas for household and industrial use. It has held roughly 30% of Morocco’s fuel distribution market in recent years, making it the country’s dominant private player in downstream oil and gas. The company has also picked up major institutional contracts, including a roughly 2.4 billion Moroccan dirham deal with Morocco’s national electricity authority (ONEE) announced in December 2024.
How Big Is Afriquia?
African Business magazine’s 2025 Top 250 ranking put Afriquia’s revenue at approximately $2.83 billion, ranking it 59th among Africa’s largest companies by revenue; no market value was available in that dataset, consistent with Afriquia’s structure as a privately held family business rather than a standalone listed company (its LPG affiliate, Afriquia Gaz, is separately listed on the Casablanca Stock Exchange).
Who Owns Afriquia?
Afriquia is a subsidiary of Akwa Group, the Moroccan holding company built by the Akhannouch family. Aziz Akhannouch, who has served as Morocco’s Prime Minister since 2021, and family members including Ahmed Oulhadj Akhannouch are identified as key shareholders and founders of the group. Ali Wakrim, a longtime Akwa Group executive, serves as the group’s vice president and chairs Afriquia Gaz and Maghreb Oxygene, related group companies. The Akhannouch family’s simultaneous control of Morocco’s largest fuel distributor and the Prime Minister’s political office has drawn public scrutiny in Morocco over potential conflicts of interest, particularly around fuel pricing policy.
Is Afriquia Legit?
Yes, in the sense that it is a real, long-established, market-leading Moroccan company with a multi-decade operating history and a dominant position in fuel retailing. However, because Afriquia is privately held within the Akwa Group structure rather than being an independently listed public company, detailed financial disclosures, an official standalone corporate website, and named executive leadership are considerably harder to verify from public sources than for Morocco’s listed companies – this profile reflects that more limited public information.
Where Is Afriquia Headquartered?
Afriquia’s operations are based in Casablanca, Morocco, Akwa Group’s home city and Morocco’s commercial capital.
How Old Is Afriquia?
Afriquia traces its founding to 1959, making it one of Morocco’s older energy-sector businesses, predating the country’s major post-independence industrial expansion.
What Has Afriquia Been in the News For Recently?
Afriquia continues to be discussed in Moroccan media largely in connection with its parent Akwa Group’s scale and its owning family’s political prominence – Aziz Akhannouch’s position as Prime Minister keeps the group’s fuel-market dominance under periodic public and press scrutiny, particularly during periods of fuel price volatility. On the commercial side, the company’s late-2024 contract win with national utility ONEE points to continued diversification of its institutional and logistics business beyond retail fuel stations.
Links
Website: Not publicly listed
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
Is Afriquia a public company? No, it operates as a subsidiary of the privately held Akwa Group; its LPG affiliate Afriquia Gaz is separately listed on the Casablanca Stock Exchange.
Who owns Afriquia? The Akhannouch family, through Akwa Group; Aziz Akhannouch, Morocco’s Prime Minister, is a key family shareholder.
Where is Afriquia headquartered? Casablanca, Morocco.
How old is Afriquia? Founded in 1959.
What does Afriquia do? Fuel station retailing, petroleum storage and transport, lubricants, and LPG distribution.
How much market share does Afriquia have? Roughly 30% of Morocco’s fuel distribution market in recent years, making it the country’s largest private fuel retailer.