Airtel Africa CEO Sells Over N700m Shares to Purchase Property

By Dipo Olowookere

The chief executive of Airtel Africa Plc, Mr Segun Ogunsanya, has sold part of his shares in the company worth over N700 million to purchase a property believed to be in the United Kingdom.

In a disclosure to the investing community via the Nigerian Exchange (NGX) Limited on Friday, the firm said Mr Ogunsanya offloaded about 666,174 units of his holdings at a unit price of £1.137, resulting in £757,440.

“Airtel Africa announces the following transaction in the company’s ordinary shares by Olusegun Ogunsanya, Chief Executive Officer and a PDMR of the Company.

“This sale of ordinary shares is to be used to fund a property purchase by Mr Ogunsanya.

“Following this transaction, Mr Ogunsanya holds 4,325,282 Ordinary Shares in Airtel Africa,” a part of the statement signed by the Group Company Secretary, Mr Simon O’Hara, said.

It was stated that the transaction took place at the London Stock Exchange on Friday, August 4, 2023.

Before becoming the CEO of Airtel Africa, Mr Ogunsanya headed the Nigerian unit of the leading provider of telecommunications and mobile money services.

His sterling performance at Airtel Nigeria inspired the board of the organisation to choose him as the successor to Mr Raghunath Mandava, who joined the company in 2016 and retired in 2021.

Before joining Airtel in 2012, Mr Ogunsanya held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya and had been the Managing Director of the Nigerian Bottling Company Limited and group head of retail banking operations at Ecobank.