Airtel Africa Plc has launched its second share buyback programme, which will return up to $100 million to its shareholders. This initiative aims to reduce the company’s capital by buying back and cancelling its shares.
The buyback will occur in two phases, with the first tranche starting on December 23, 2024, and expected to conclude by April 24, 2025. During this phase, Airtel plans to repurchase shares worth up to $50 million.
The company has partnered with Barclays Capital Securities Limited to carry out the first tranche, with Barclays acting as a riskless principal. Barclays will make independent purchase decisions on behalf of Airtel, ensuring the buyback complies with applicable laws and regulations.
This programme reflects Airtel’s strong financial standing and commitment to enhancing shareholder value. It aligns with the company’s capital allocation policy, which was approved by shareholders during the annual general meeting on July 3, 2024. The company has authority to repurchase a maximum of 328,842,995 ordinary shares, following the completion of the previous buyback.
The share buyback highlights Airtel Africa’s confidence in its continued growth potential, solid balance sheet, and consistent cash flow generation.
Soludo Bans Awards and Honours by Government Agencies
Anambra State Governor Chukwuma Soludo has placed a ban on merit awards, honours, and recognitions issued by government agencies, departments, and affiliates within the state.
By PAMELA EBOH, Awka
Anambra State Governor, Professor Chukwuma Soludo, has issued a strong directive prohibiting government organs, departments, and affiliated agencies from presenting awards or recognition honours to their own officers.
A statement from the Governor’s spokesman, Christian Aburime, explained that Governor Soludo, known for his ethical leadership, disapproves of self-recognition practices within the administration.
The statement highlighted that while acknowledging the dedication and excellence of government employees is important, such accolades should ideally come from independent, external bodies. It emphasized that internal awards could potentially raise concerns about impropriety and abuse of privilege.
Soludo’s administration advocates for merit and excellence to be recognized in an impartial and transparent manner. External validation from reputable institutions like professional bodies and civil society organizations is encouraged, as it upholds objectivity and credibility.
The government has urged all relevant bodies to prioritize opportunities for external recognition for deserving officers, in line with the administration’s commitment to transparency and integrity.
