By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
RebruitRebruitRebruit
  • Latest
  • Finance
  • Technology
  • Security
  • Guides
Reading: Airtel Africa Slashes Debt and Costs with Share Buyback from Citigroup
Font ResizerAa
RebruitRebruit
Font ResizerAa
Search
  • Latest
  • Finance
  • Technology
  • Security
  • Guides
Follow US
  • About
  • Our Standards
  • Contact
  • Privacy Policy
  • Cookie Policy
  • Terms of use
© 2025 REBRUIT | We don’t control content on external sites. Read more about how we handle external links

Home » Airtel Africa Slashes Debt and Costs with Share Buyback from Citigroup

Latest

Airtel Africa Slashes Debt and Costs with Share Buyback from Citigroup

April 13, 2024
Share
2 Min Read
Airtel
Airtel Store in Nigeria
SHARE

Airtel Africa has purchased 8.6 million of its ordinary shares back from Citigroup Global Markets Limited as part of a share buyback plan that began on 1 March 2024.

According to the second largest mobile network operator, the objective for this move is to reduce the share capital, which directly reduces the debt obligations of the company. Airtel developed this strategy to enable efficiency in operations, as the company is facing a rising cost of operation.

“The board believes that repurchasing its shares is an attractive use of its capital in light of the group’s strong long-term growth outlook,” said Segun Ogunsanya, CEO of Airtel Africa.

According to Ogunsanya, Airtel’s businesses have generated significant cash to cover the share buy-back program launched by the board.

The Airtel buy-back program was launched on March 1, 2024, to repurchase $100 million worth of the network operator’s shares in 12 months.

The program divides into two stages, with the first stage having a budget of $50 million and lasting 7 months until August 2024. The last transaction recorded by the program involves the repurchase of 487,985 ordinary shares at the price of $131.70 per share.

Currently, the mobile network giant has been struggling to remain profitable, which is a result of the macroeconomic issues currently happening in Nigeria.

The situation is noticeable in the company’s financial report as it shows a revenue drop of 21.96% to $1.24 billion in December 2023, from $1.59 billion recorded the previous year. This is because of the rapid devaluation of the Naira that directly affected Airtel’s conversion rates.

Share This Article
Facebook Whatsapp Whatsapp Bluesky Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

iOS 19
What’s Coming in iOS 19: A Fresh Look and Smarter Features
Technology
Block
Square’s Bitcoin Payment Pilot: Bringing Crypto to Everyday Retail
Finance
METAMASK
MetaMask Embraces Solana: A New Era for Multi-Chain Wallets
Finance
Read Smarter, Not Harder
Read Smarter, Not Harder: These Apps Will Help You Read More Anywhere
Guides
Samsung-One-UI-8
15+ New Features Coming to One UI 8
Latest

You Might Also Like

samsung
Latest

Don Belle Boost Samsung Galaxy A-Series Buzz

May 23, 2025
Claude AI
Latest

What You Need to Know About the Claude 4 Release

May 23, 2025
Xperia 1 VII
Latest

Xperia 1 VII: Sony’s Most Creator-Focused Smartphone Yet

May 13, 2025
Apple’s AI Search Move Could Cost Google Billions
Latest

Apple’s AI Search Move Could Cost Google Billions

May 13, 2025
AMD Beats Q1 2025 Expectations, Despite Trade Pressures Between the U.S. and China
Latest

AMD Beats Q1 2025 Expectations, Despite Trade Pressures Between the U.S. and China

May 6, 2025
gtaVI
Latest

Grand Theft Auto VI is officially coming on May 26, 2026

May 6, 2025
WWDC 2025: Here’s what we can expect from Apple in June
Latest

WWDC 2025: Here’s what we can expect from Apple in June

May 5, 2025
Apple and Anthropic Are Teaming Up to Build an AI-Powered Coding Platform
Latest

Apple and Anthropic Are Teaming Up to Build an AI-Powered Coding Platform

May 3, 2025
Follow US
© 2025 REBRUIT | We don’t control content on external sites. Read more about how we handle external links
  • About
  • Our Standards
  • Contact
  • Privacy Policy
  • Cookie Policy
  • Terms of use
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?