Airtel Africa announces offer to buyout Nigerian minorities

By Kayode Tokede

Airtel Africa Plc has announced that its subsidiary, Airtel Networks Ltd., (Airtel Nigeria) has initiated a process to buy back 8.27 per cent minority shareholdings at N55.81 per share.

The Group Company Secretary, Mr Simon O’Hara, in a statement on Monday noted that the total consideration was estimated to be N61.24 billion (using an exchange rate of N413.38) assuming all minority shareholders decide to tender their shares.

It said: “This represents an open offer to all shareholders.

“A further announcement will be made in due course.”

Airtel Africa is a leading provider of telecommunications and mobile money services, with presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

It offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally.

The group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.

The company yesterday announced that Olusegun Ogunsanya has resumed duty as  Managing Director and Chief Executive Officer, 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.

Ogunsanya in a statement signed by group company secretary,  Simon O’Hara 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.”

Ogunsanya 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.