Economy
Airtel Africa to Boost NSE Market Cap by N1.4trn
**List Shares at N363 Per Unit
By Dipo Olowookere
Business Post has learned that Airtel Africa, the continent’s subsidiary of Indian company, Bharti Airtel, will list its shares on the floor of the Nigerian Stock Exchange (NSE) on Friday, July 5, 2019.
On Friday, June 28, 2019, the telecommunications company made its trading debut on the London Stock Exchange (LSE) after raising $750 million through its initial public offering (IPO).
However, at the close of trading yesterday, shares of the firm, which opened at 80 pence per share, settled at 67 pence a share, losing 16 percent of its value.
It was gathered by Business Post that when the shares of the company are admitted on the NSE next week, they would be sold at N363 each and should boost the market capitalisation by up to N1.4 trillion.
In an exchange filing on Friday, Bharti Airtel said it would offer Nigerian investors meaningful allocations after receiving subscriptions from investors from Asia, Europe, Middle East and others.
The company said it expects to have a free float in excess of 25 percent, as certain of the pre-IPO investors’ holdings will also constitute free float.
Commenting on the exercise, CEO of Airtel Africa Plc, Raghunath Mandava, stated that, “We are now the first telecom company to simultaneously list on the premium segment of the London Stock Exchange and Nigerian Stock Exchange through an IPO.
“We welcome our new investors and look forward to continuing to execute our strategy and deliver the growth opportunities across our markets in voice, data and mobile money.”
Mandava further said, “This is an exciting time for us. We are very pleased with the success of the initial public offering and welcome our new shareholders.
“The strength of our network and continued growth and evolution of the African telecoms sector has fuelled the demand for our shares.
“We have a strong track record operating in a fast-growing region. The markets we operate in have powerful and promising underlying macroeconomic and demographic trends, and we believe we are best placed to capitalise on this opportunity.
“We are delighted to give a broader range of investors access to the benefits of our in-depth knowledge of the markets we operate in. We have a clear strategy to continue growing and look forward to delivering it.”
Chairman of the firm, Sunil Bharti Mittal, noted that, “The strong support we have received from institutional investors demonstrates the attractive investment proposition Airtel Africa offers the market.
“Since first investing in Africa almost nine years ago, we have leveraged our expertise in emerging markets to deliver on a clearly defined strategy to build Airtel Africa into a market-leading mobile service provider, increasingly expanding beyond voice into data services and Airtel Money.
“The board would like to thank those involved in the process and looks forward to supporting the management team as they execute on the strategy.”
“With the recent equity investments into the business by globally recognised long-term investors, we believe that Airtel Africa is in a strong position to build its own capital market profile, allowing others to join us in a real business success story,” he added.
In February 2018, Bharti Airtel announced its intention to consider an IPO for the Africa business, using the net proceeds from the issue of new shares for the reduction of $4 billion net debt.
Airtel Africa has presence in 14 African countries, with 100 million customers across West Africa, East Africa and Central Africa, with Nigeria alone accounting for 36 percent of its total revenue.
The company provides telecommunications and mobile money services on the continent and serves a large and fast-growing addressable market, with attractive mobile data and mobile money growth prospects as non-voice revenue remains lower than other geographies.
Last month, its rival in Africa, MTN Nigeria Communications Plc, listed its shares on the NSE at N90 each and rose to nearly N160 per unit before plunging to N129.05k yesterday.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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