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  • Business - Companies
  • Updated: 1 month ago

Airtel Africa Completes Takeover Of Airtel Nigeria

Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa, today announced the completion of the minority shareholding buyback of Airtel Networks Limited (‘Airtel Nigeria’), a subsidiary of Airtel Africa plc and a leading provider of telecommunication services in Nigeria.

 In a move that started on October 4, 2021, and solidified last month, Airtel Africa finally completed the minority shareholding buyback of Airtel Networks Limited (Airtel Nigeria).

"The total consideration for the 8.22% minority shareholdings acquired under the buyback is NGN 61 billion, equivalent to $147 million using an exchange rate of 415.07 NGN/USD", Simon O'Hara, the Group Company Secretary, concluded.

Airtel Africa now holds 99.96% ownership of its largest subsidiary.

With this, industry watchers expect huge investment in the telecommunication sector from the company. 

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