Airtel Africa splashes N91.55bn on share buy-back

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Leading Telco, Airtel Africa, whose shares are listed on the Nigeria Exchange Limited and also on the London Stock Exchange said it has spent about N91.55 billion ( about 47.78 million Pounds) in a share buy-back exercise which was announced on March 1, 2024.

The exercise which entails buying back its share on the London Stock Exchange was executed by Citigroup Global Markets.

“Airtel Africa announces today it has purchased the following number of its ordinary shares of USD 0.50 each on the London Stock Exchange from Citigroup Global Markets Limited under the authority granted by its shareholders as part of its share buy-back programme, details of which were announced on 1 March 2024,” a notice submitted to the NGX by Airtel said.

Since the commencement of the share buy-back programme, the Company has purchased 491,861 ordinary shares in aggregate, at a volume-weighted average price of GBp 97.14 per ordinary share.

Operating key performance indicators of Airtel for the financial year ended December 31, 2023, showed that total customer base grew by 9.1 percent to 151.2 million.

The penetration of mobile data and mobile money services continued to rise, driving a 22.4 percent increase in data customers to 62.7 million and a 19.5 percent increase in mobile money customers to 37.5 million.

Constant currency ARPU growth of 10.0 percent was primarily driven by increased usage across all segments.

Mobile money transaction value increased by 41.3 percent in constant currency, with Q3’24 annualised transaction value of $116bn in reported currency.