Business

Airtel Africa announces plan to buy out Nigeria minorities worth N61bn

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, disclosed in a statement made available to newsmen on Monday in Lagos.

The statement noted that the total consideration was estimated to be N61.24 billion (using an exchange rate of N413.38) assuming all 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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