Airtel Nigeria offers to buy back minority shares worth N61.24 billion.

Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria and a subsidiary of Airtel Africa Plc, has offered to buy back its 8.27% minority shareholdings at an offer price of N55.81 per share, totalling N61.24 billion.

In what appears to be an open offer, the telecommunication giant revealed that if all minority shareholders agreed to sell their shares, the total buy back will be worth an estimated N61.24 billion (c$148.1 million, using an exchange rate of 413.38 NGN/USD).

This was disclosed by the company via a statement made available on the website of the Nigerian Exchange Limited, which reads: ‘’ Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share. Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be NGN 61.24 bn (c$148.1mn using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.’’

The company also revealed that further details about the deal will be subsequently communicated to all and sundry in due course.

About Airtel Nigeria

Airtel Nigeria (Airtel Networks Limited) is a leading mobile telecommunication services provider in Nigeria and a member of Airtel Africa Group, committed to providing innovative, exciting, affordable and quality mobile services to Nigerians. The company made history on August 5, 2001 by becoming the first telecoms operator to launch commercial GSM services in Nigeria and has scored a series of many “firsts” in the highly competitive Nigerian telecommunications market including the first to introduce toll-free 24-hour customer care; first to launch service in all the six geo-political zones in the country; first to introduce affordable recharge denominations; first to introduce monthly free SMS and first to introduce monthly airtime bonus.

Segun Ogunsanya assumes role as Airtel Africa CEO.

Mr. Olusegun Ogunsanya has formally assumed his role as the Managing Director/ Chief Executive Officer of Airtel Africa Plc.

This was confirmed in a statement issued by the leading telecommunication firm, which stated that his role became effective from October 1, 2021. He took over from Mr. Raghunath Mandava, whose tenure formally ended on September 30, 2021.

Excerpts of the notice released by the telecommunication giant and made available on the website of the Nigerian Exchange Limited (NGX), read thus: ‘’ Airtel Africa plc, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces that further to the Company’s appointment of Olusegun “Segun” Ogunsanya, as Managing Director and Chief Executive Officer, Segun has begun his new role as at 1 October 2021 and joined the Board of Airtel Africa plc.’’

Recall that Airtel Africa Plc had earlier in April announced the appointment of Mr Segun Ogunsanya as the new MD/CEO of the Company. The notice stated that Ogunsanya who was then the CEO of Airtel Nigeria would join the Board of the parent company with effect from October 1, 2021.

Commenting on his resumption and his vision for the company, Mr Segun said: ‘I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa. Moving forward, we will invest even more in our network and distribution channels to serve the communities where we operate. By doing this, we will continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.’’

About Segun Ogunsanya

Segun is a chartered accountant and an electronics engineer. He was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market. He has more than 25 years of working experience that spans business management, banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa.

MTN Nigeria Plc: Notice of Board Meeting.

MTN Nigeria Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, October 28, 2021.

This is according to a notice signed by the company’s secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors review and approve the company’s unaudited financial accounts for the nine months ending 30th of September, 2021.

In line with the post-listing requirements of the NGX, the company will be observing a closed period from October 1, 2021 until 24 hours after the financial results have been released to the NGX and made public. During the closed period, all insiders and their connected persons are prohibited from trading (i.e buying, selling, transferring or otherwise dealing) in the company’s shares.


For more information about the disclosure, click HERE.

Secure Electronic Technology Plc announces sudden death of its Managing Director.

Secure Electronic Technology Plc has announced the sudden death of its Managing Director, Oloye Jonathan A.O. Olopade (OFR).

His death was confirmed in a press statement that was signed by the Vice Chairman of the Company, Dr Odunlami Kola-Daisi, made available on the website of the Nigerian Exchange Limited.

Until his death, Chief Olopade was a distinguished business leader and astute administrator, who was tireless and unreserved in his commitment towards promoting the affairs of the Company he co-founded and served right till the end.

According to some of his colleagues on the Board, the late Chief Olopade left an indelible impact in their lives and would be best remembered for his integrity, dedication and exceptional leadership qualities.

In a bid to fill the void left by the departing boss, the Board seized the opportunity to announce the appointment of Mr Olusoji Oyeyemi as the new Managing Director/Chief Executive Officer of the Company. He would superintend the day to day affairs of the company.

Mr Olusoji Oyeyemi is a certified information technology systems expert with over 25 years of cognate industry experience in technology, marketing and analytics. He has a track record of conceptualizing and implementing business, commercial and analytical solutions. In this light, he brings a wealth of knowledge and experience in IT systems development, management and strategy, with a firm understanding of the lottery and Gaming industry from both technical and operational perspectives.

Similarly, the Board also appointed Mrs Irene Attoe as the new company secretary, effective 1st of September, 2021. Her appointment is sequel to the resignation of the former secretary, Ms Immaculata Mbaso.

Irene would manage the company secretariat and oversee compliance advisory to the Board and Management.



Secure Electronic Technology Plc set to hold Annual General Meeting on 16th of September.

Secure Electronic Technology Plc has announced that it will be hosting its Annual General Meeting (AGM) in Lagos on the 16th of September, 2021.

According to a notice signed by the company’s secretary, Immaculata Mbaso and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at The Events Warehouse, Ilupeju-Lagos on the aforementioned date and by 12:00pm prompt.

In light of this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

In compliance with COVID-19 related directives and guidelines, attendance at the AGM shall be by proxy only. In light of this, the company named five individuals as proxies from which shareholders could elect from.

For more details about the AGM, click HERE.

Daar Communications Plc reports over 100% increase in profit after tax in H1, 2021

Daar Communications Plc released its unaudited financial statements for the period ended 30th of June, 2021.

  • Revenue for the period was N1.91billion. (+30.4% YoY)
  • Cost of sales was N1.08 billion. (+3.6% YoY)
  • Administrative expenses totalled N743.7 million. (-13.4% YoY)
  • Profit for the year was N36.1 million. (+106.9% YoY)
  • Total assets for the period stands at N14.55 billion.

See link to results.


Smart Products Nigeria Plc proposes FY 2020 dividend of 10kobo/share.

The Board of Smart Products Nigeria Plc has proposed a FY 2020 dividend payment of 10 kobo per share, to all shareholders whose names appeared in the Company’s Register of Members at the close of business on July 16, 2021.

This is according to a disclosure issued by the company and made available on the website of the Nigerian Exchange Group Limited (NGX).

According to the notice, the proposed dividend will deliberated upon in the forthcoming Annual General Meeting of the company scheduled on 19th of August, 2021. If approved by the board, the dividend will be disbursed electronically to qualified shareholder on 25th of August, 2021. The conditions for qualification are succinctly captured below;

  • The shareholder must have completed the e-dividend registration and mandated the registrar (Meristem Registrars) to pay their dividends directly into their bank accounts.
  • Only shareholders’ whose names appear in the Register of Members as at close of business on 16th of July, 2021 will be considered.

The proposed dividend will be paid on all the outstanding 45,000,000 shares of the company, grossing N4.5 million

What you should know:

  • Smart Products Nigeria Plc had earlier reported a profit after tax of N7.38 billion in FY 2020.
  • To expedite the dividend disbursement process, the Register of Shareholders will be closed from 19th-26th of July, 2021.




GCR Upgrades MTN Nigeria Long Term Issuer Rating to AAA.

GCR Ratings (GCR) has upgraded the national scale long-term Issuer rating of MTN Nigeria Communications Plc to AAA and affirmed the national scale short-term Issuer rating of A1+, with a stable outlook.

This is according to a notice made available on the website of the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics.

According to the notice, the recently concluded N110 billion series 1 unsecured bond issued by the telecommunications giant, was also upgraded with a nation scale long-term rating of AAA and a stable outlook.

It is imperative to note that the rating is the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.

According to GCR: ‘’ The ratings accorded to MTN Nigeria Communications Plc reflects its very strong competitive position as the leading provider of telecommunication services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.’’

GCR further noted that MTN Nigeria has progressively sustained its earnings, with a five-year CAGR of 14.1% to FY20. Similarly, Its EBITDA margin remained strong around 50%-53% in the recent period, trending above international peers.

In light of this, GCR expects MTN Nigeria to continue to maintain strong revenue growth given its growing infrastructure, and Nigeria’s favourable demographic. On the other hand, GCR expressed concerns over the continuous devaluation of the Naira, noting that it is capable of increasing pressure on the unhedged operating and capital costs, as a large component of spending relates to US Dollar denominated imports, impacting the earnings margins.

Meanwhile, the CEO of MTN Nigeria, Karl Toriola opined that the recent ratings demonstrate the resilience of the telecommunications giant, he said: ‘’We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.’’

MTN Nigeria Plc approves FY 2020 dividend pay-out of N120.09 billion to shareholders.

The Board of Directors of MTN Nigeria Plc has approved the payment of N120.09 billion to the shareholders of the company who currently hold the 20,354,513,050 fully paid ordinary shares of the company.

This disclosure is part of the resolutions passed at the recently concluded Annual General Meeting of the company, held on the 7th of June, 2021.

According to the notice: ‘’A dividend payment in the total sum of N120,091,626,955.00 (One hundred and twenty billion ninety one million six hundred and twenty six thousand nine hundred and ninety five Naira) which translates to N5.90Kobo per every 2 kobo ordinary share; to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, May 4, 2021 (bringing total dividend for the year ended 31st December 2020 to N9.40), subject to withholding tax, be and is hereby approved.

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Ms. Tsholofelo Molefe, Dr. Ernest Ndukwe, Messrs. Rhidwaan Gasant, Ralph Mupita and Jens Schulte-Bockum into the company’s Board were reviewed and approved.
  • The remuneration of the Board Chairman for the year ending 31st Decemeber 2021, was fixed at N28,920,000/
  • Non-Executive Directors fees for the year ending were pegged at N16,472,000.
  • The firm was authorized to establish an Equity Shelf Programme for the purpose of facilitating offers for the sale of shares in the company by MTN International (Mauritius)

What you should know:

  • MTN Nigeria Plc had earlier declared an all-time highest revenue  by a listed Nigerian entity for FY 2020

For more information about the disclosure, click HERE.


Airtel Africa Plc sells its Tanzanian towers for $175 million.

Airtel Africa Plc has announced the sales of its telecommunication tower companies in Tanzania, in a deal worth around $175 million.

The transaction is the latest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. The recent deal is sequel to the success recorded in the sales of the firm’s tower companies in Madagascar and Malawi to Helios Tower Plc for a gross value of about $93.7 million.

According to a notification signed by Airtel’s Group secretary, Simon O’Hara, the Airtel Tanzania tower was sold to a wholly-owned subsidiary of SBA Communications Corporation, a leading global owner and operator of wireless communications infrastructure.

The recently sold tower portfolio comprises approximately 1, 400 towers which form part of the Group’s wireless telecommunications infrastructure network.

Recall that Airtel Africa Plc was in the news recently when it secured a credit facility worth $500 million from a consortium of banks that include; Bank of America, JP Morgan, HSBC etc. The loan was meant to assist the teleco in partially refinancing its €750 million Euro dominated bond. Explaining how it intends to offset the credit facility, the teleco explained that it will optimize its free cash flows and cash receipts anticipated over the next 12 months from its tower sales and mobile money minority investments.

Will the transaction be settled once or by instalments?

According to the notice sent by the telecommunications giant, the payment for the towers will be made in tranches. In the first tranche, the sum of $157.5 million will be paid to Airtel during the second half of its current financial year. The balance will be paid in instalments upon the completion of the transfer of any remaining towers to the purchaser.

How will the proceeds be utilized?

Detailing how the proceeds from the sale of the towers will be utilized, Airtel Africa explained that about $60 million out of the gross sales value will be invested in the network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as provided in the Airtel Africa IPO prospectus document published in June 2019.

The remaining balance of the proceeds will be used to reduce the debt at Group level.