Airtel Africa, a prominent telecommunications company in Africa, has declared that its CEO, Olusegun Ogunsanya, has sold 666,174 ordinary shares. The transaction took place on August 4 at the London Stock Exchange (LSE), involving shares sold at £1.37 each.
Following this sale, Ogunsanya acquired £757,440.70, which the company intends to use for a property acquisition. It’s important to note that Ogunsanya still retains ownership of 4,325,282 ordinary shares in the company. Airtel Africa is listed on both the Nigeria Stock Exchange (NSE) and the LSE.
This announcement comes after Airtel Africa released its financial statements for Q1 2023. According to these reports, the company experienced a significant loss of $151 million during the reviewed period. This loss was influenced by the Central Bank of Nigeria’s decision to unify the exchange rate, aiming to stabilize the local currency.
Following the unification, the Naira to Dollar exchange rate transitioned from N460 to $1 to $790 to a dollar. As of last week, this rate escalated to N900, increasing petrol prices. While analysts argue that these events are essential to resolving the country’s economic challenges, the average Nigerian may be less optimistic.
Read Also: Airtel Now Nigeria’s 3rd Telco To Offer 5G Network
Airtel Africa’s Position in the African Market
airtel-africa – maps
Airtel Africa, a subsidiary of Bharti Airtel, is a prominent telecom service provider across all regions of the continent. It holds a dominant position in Chad, Malawi, and Niger while ranking third in market share in Nigeria. Airtel holds a 27% market share in Nigeria, identical to Globacom. However, its subscriber count (60,065,904) slightly lags behind Globacom’s (60,290,012).
Airtel has been actively working to expand its subscriber base in various regions. Notably, it recently launched a long-awaited 5G network in Kenya, although its influence remains overshadowed by Safaricom, the market leader.
Similarly, Airtel introduced 5G services in Nigeria, becoming the second major telecom company to do so after MTN Nigeria.
Conclusion
The 5G launch plans for Globacom and 9 Mobile are currently undisclosed, and Airtel’s performance in the 5G competition is of interest.
In addition, Airtel recently unveiled a new partnership with MasterCard, aiming to facilitate fund transfers for its customers across Africa. The full impact of this collaboration is yet to be determined.
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