Airtel Nigeria Completes 8.22 Percent Shares Buyback

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AIRTEL Nigeria, a subsidiary of Airtel Africa Plc, has completed the 8.22 percent shares buyback from its minority shareholders, amounting to N61 billion.

This amount is equivalent to $147 million, using an exchange rate of N415.07. 

In a corporate filing on Thursday, Simon O’Hara, the company’s secretary, said that with this present status, Airtel Africa holds 99.96 percent ownership over its largest subsidiary, Airtel Nigeria.  

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“The total consideration for the 8.22% minority shareholdings acquired under the buyback is NGN 61bn, equivalent to $147m using an exchange rate of 415.07 NGN/USD,” the statement reads. 

“Airtel Africa now holds 99.96% ownership over its largest subsidiary.”

On October 4, the company had started the buyback, encouraging its shareholders to tender their shares

– Thecable

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