By Lucas Ajanaku

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Airtel Africa has announced that its subsidiary, Airtel Networks Ltd., (Airtel Nigeria) has initiated a process to buy back 8.27 per cent minority shareholdings at N55.81 per share.

The Group Company Secretary, Mr Simon O’Hara, said in a statement on yesterday in Lagos.

The statement noted that the total consideration was estimated at N61.24 billion (using an exchange rate of N413.38) assuming minority shareholders decide to tender their shares.

It said: “This represents an open offer to all shareholders. A further announcement will be made in due course.”

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Airtel Africa is a leading provider of telecommunications and mobile money services, with presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

It offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally.

The group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.