Airtel Africa has repurchased a total of 40.93 million ordinary shares since commencing the first phase of its $100 million share buyback programme in December 2024.
The company disclosed this in a corporate filing submitted to the Nigerian Exchange (NGX) on January 2, 2026, confirming that an additional 40,000 shares were bought back on December 31 as part of the programme’s continued execution.
Breakdown of the Most Recent Repurchase
According to the disclosure, the latest tranche of 40,000 shares was acquired at prices between 354.00 pence and 357.00 pence, resulting in a volume-weighted average price of 355.95 pence.
The transaction was carried out by Barclays Capital Securities Limited, acting under shareholder-approved authority and in line with the revised buyback framework announced in September 2025.
Based on an exchange rate of approximately ₦1,970 per pound sterling, the cumulative value of the 40.93 million shares repurchased is estimated at ₦122.7 billion.
Implications for Shareholders and Market Performance
Through the consistent reduction of its issued share base, Airtel Africa is creating structural support for key per-share indicators, including earnings per share, assuming stable underlying business performance.
The scale of the buyback highlights the amount of capital already returned to investors, with the company cancelling the repurchased shares rather than retaining them. This approach steadily enhances the ownership position of remaining shareholders.
For the market, the continued execution of the programme signals management’s confidence in Airtel Africa’s strong cash flows, even as it sustains investment in network upgrades and mobile money expansion across its African markets. Investor focus is now shifting to how the buyback will influence the stock’s performance on both the NGX and the London Stock Exchange (LSE).
Controlled Execution Across Multiple Trading Platforms
Transaction data shows that the buyback was executed within a tight pricing range, reflecting disciplined market engagement. Most of the volume was sourced from the London Stock Exchange at an average price of 355.79 pence.
To optimise execution, Airtel Africa also tapped liquidity from BATS Europe, CHI-X Europe, Aquis Exchange, and Turquoise. This multi-venue approach aligns with best-execution practices, helping to minimise price slippage while accessing available market depth.
Market watchers note that such strategies are standard for UK-listed companies conducting buybacks incrementally rather than through large, market-moving trades.
Effect on Share Capital and Voting Rights
Following the cancellation of the repurchased shares, Airtel Africa’s issued ordinary share capital has been reduced to approximately 3.66 billion shares, while 7.49 million shares remain held in treasury. As a result, total voting rights now stand at roughly 3.65 billion.
The company advised shareholders to rely on the updated voting-rights figure when assessing disclosure obligations under UK Financial Conduct Authority rules, particularly in relation to ownership threshold notifications.
Although the reduction in voting rights is incremental, the ongoing buyback continues to increase the proportional ownership of existing shareholders, reinforcing the long-term mechanical benefits of Airtel Africa’s capital return strategy.
