Airtel Africa Buyback Hits 40.9m Shares, Returns N122.7bn to Investors
Airtel Africa has raised the cumulative number of shares repurchased under its ongoing $100 million buyback programme to 40.93 million, reinforcing its strategy of returning capital to shareholders while tightening its equity base.
The telecoms group disclosed that the shares were bought at a cumulative average price of 152.24 pence per share since the launch of the programme in December 2024, translating to an estimated value of about N122.7 billion at the current exchange rate.
In its latest corporate filing with the Nigerian Exchange, Airtel Africa confirmed that it repurchased an additional 40,000 ordinary shares on December 31, 2025, at prices ranging between 354.00 pence and 357.00 pence, with a volume-weighted average price of 355.95 pence.
The transaction was executed by Barclays Capital Securities Limited under the authority granted by shareholders and in line with the revised buyback framework announced in September 2025.
The steady pace of repurchases highlights management’s confidence in the group’s cash-generation capacity and balance sheet strength, even as it continues to invest heavily in network expansion and mobile money services across its African markets. By reducing the number of outstanding shares through cancellation, Airtel Africa is incrementally supporting per-share metrics such as earnings per share, assuming operating performance remains stable.
Following the cancellation of the repurchased shares, the company’s issued ordinary share capital now stands at about 3.66 billion shares, with 7.49 million held in treasury, reducing total voting rights to approximately 3.65 billion. While the numerical adjustment appears marginal, the continued shrinkage of the equity base gradually increases the relative ownership of remaining shareholders, reinforcing the mechanical benefits of the buyback programme.
Market observers note that the disciplined execution of the buyback within a narrow price band, spread across multiple trading venues including the London Stock Exchange, BATS Europe, CHI-X Europe, Aquis Exchange and Turquoise, reflects a best-execution approach designed to minimise market impact while sourcing liquidity efficiently.
On the Nigerian Exchange, Airtel Africa’s shares closed at N2,270.00 on Friday, January 2, 2026, maintaining its position as the fourth most valuable listed stock with a market capitalisation of N8.53 trillion, representing about 8.55 per cent of the total equity market.
Although the stock has traded sideways in recent months, analysts say the sustained buyback programme provides underlying support and signals management’s commitment to shareholder value as investors watch for further execution under the remaining headroom of the $100 million authorisation in 2026.
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