Olusegun Ogunsanya, CEO of Airtel Africa, sells 666,174 shares to buy a house.
Airtel Africa, a prominent telecommunications company in Africa, has publicized the sale of 666,174 common shares by its Chief Executive Officer, Olusegun Ogunsanya. Executed on August 4th at the London Stock Exchange (LSE), the transaction involved the divestment of 666,174 shares at a rate of £1.37 per share. Subsequent to this sale, Ogunsanya accrued £757,440.70, which, as per the telecommunications firm, will be directed towards a real estate acquisition. It's noteworthy that Ogunsanya still maintains ownership of 4,325,282 common shares in the company. Airtel Africa is listed on both the Nigeria Stock Exchange (NSE) and the London Stock Exchange (LSE).
This announcement comes on the heels of Airtel Africa's release of its financial statements for the first quarter of 2023. The reports indicate a substantial loss of $151 million during the review period. This setback was triggered by the Central Bank of Nigeria's decision to consolidate the exchange rate in an endeavor to stabilize the local currency. Following this unification, the Naira to Dollar exchange rate surged from N460 to $1 to $790 to a dollar. As of the previous week, the rate escalated to N900, leading to an increase in petrol prices. While analysts contend that these ongoing developments are imperative for resolving the country's economic challenges, the average Nigerian might not share the same level of optimism.
Airtel Africa, a subsidiary of Bharti Airtel, is a major telecom provider in Africa, with a strong presence in Chad, Malawi, and Niger. According to the regulatory body's findings, Airtel Nigeria secured 27% of the country's market share, mirroring Globacom's market share percentage. Nevertheless, its subscriber count (60,065,904) is slightly lower than Globacom's tally (60,290,012). Simultaneously, Airtel has made noteworthy strides to enhance its subscriber base across the regions it operates in. For instance, in Kenya, it recently introduced the long-anticipated 5G network. Despite being the second-largest market leader in Kenya, its influence is overshadowed by Safaricom.
Similarly, in Nigeria, the company launched 5G services for consumers, becoming the second significant telecommunications provider to do so, following MTN Nigeria. No updates have been provided regarding the 5G rollout plans for Globacom and 9 Mobile. While the market leader, MTN, has already implemented this service, Airtel's performance in the 5G competition remains of interest. in a recent development, Airtel also unveiled a fresh partnership with MasterCard, aiming to facilitate seamless fund transfers for its customers across Africa. The impact of this collaboration is yet to unfold.
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