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Monday, September 25, 2023

Airtel Africa Offers to Buyout Airtel Nigeria Minority Shareholders

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Airtel Africa, a provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced that its subsidiary Airtel Networks Limited (Airtel Nigeria), has initiated a process to buy back the 8.27 percent minority shareholdings at an offer price of N 55.81 per share.

Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be N 61.24bn (c$148.1mn using an exchange rate of 413.38 NGN/USD).

This represents an open offer to all shareholders, according to Airtel, which said further announcements will be made in due course.

Meanwhile, following the appointment of Olusegun “Segun” Ogunsanya, as Managing Director and Chief Executive Officer (CEO) of Airtel Africa, Segun has begun his new role as at 1 October 2021 and joined the Board of Airtel Africa plc.

Segun was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market.

He has more than 25 years business management experience in banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO).

He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa.

He is an electronics engineer and also a chartered accountant. Segun Ogunsanya, CEO, Airtel Africa, said:

“I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa. Moving forward, we will invest even more in our network and distribution channels to serve the communities where we operate. By doing this, we will continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.”

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