By Chukwuma Umeorah
Airtel Africa Plc has commenced the second phase of its $100 million share buyback programme, aimed at trimming its capital base and returning value to shareholders. This new tranche, valued at up to $55 million, is expected to run until November 19, 2025, according to a regulatory disclosure filed with the Nigerian Exchange Limited (NGX).
The announcement comes months after the successful completion of the first tranche of the programme, which followed the initial declaration made on December 23, 2024.
In a statement, the telecommunications and mobile money services giant, which operates across 14 African countries, said it had engaged Barclays Capital Securities Limited to handle the execution of the share repurchase transactions. Under the agreement, Barclays will act as a “riskless principal”, meaning it will conduct the market purchases independently before transferring the shares to Airtel Africa.
“All shares acquired under the buyback initiative will be cancelled, thereby reducing the number of outstanding shares in circulation and optimising the company’s capital structure,” the statement noted.
The firm clarified that the repurchase process would be conducted within certain defined parameters laid out in the agreement with Barclays, including adherence to applicable laws and regulations. This includes compliance with the UK Listing Rules of the Financial Conduct Authority (FCA) and the Market Abuse Regulation (MAR).
The share buyback is being carried out under the mandate approved by shareholders at the company’s Annual General Meeting held on July 3, 2024, where Airtel Africa was authorised to repurchase up to 374,141,187 ordinary shares. Following the conclusion of the first tranche, a balance of 302,567,123 shares remains available for repurchase under the approved limit.
Furthermore, the company also indicated that the buyback could proceed during closed periods, times when trading by company insiders is typically restricted.
The renewed share repurchase initiative comes on the heels of a strong financial performance by the group. Airtel Africa recently released its audited financial statements for the year ended March 31, 2025, reporting a pre-tax profit of $661 million. This marked a significant rebound from the $63 million pre-tax loss recorded in the 2024 financial year.