Airtel Africa said it has repurchased 40.93 million shares in aggregate at a cumulative average price of 152.24 pence per share since the launch of the first tranche of its $100 million share buyback programme in December 2024.
The telecoms group revealed in a corporate disclosure filed with the Nigerian Exchange (NGX) on Friday, January 2, 2026, that it repurchased 40,000 ordinary shares on December 31 in continuation of its share buyback programme.
According to the company, the shares were bought at prices ranging between 354.00 pence and 357.00 pence, with a volume-weighted average price of 355.95 pence.
The transaction was executed by Barclays Capital Securities Limited under the authority granted by shareholders and in line with the revised buyback framework announced in September 2025.
Using the current exchange rate of about N1,970 per British Pound Sterling, Airtel Africa has bought back its own 40.93 million shares valued at about N122.7 billion.
What the update means
By steadily shrinking its share count, Airtel Africa is laying the groundwork for incremental support to per-share metrics such as earnings per share, assuming operating performance holds.
This figure highlights the scale of capital already returned through share cancellations as the telecom giant is cancelling out the repurchased shares.
For investors, the continued buyback means that management is returning value via share reduction, reflecting confidence in the group’s cash-generation capacity while continuing to fund network investment and mobile money expansion across its African footprint.
Attention is now focused on how this shares buyback execution will bolster the stock price quoted on NGX and London Stock Exchange (LSE). Investors will have to monitor the remaining headroom under the $100 million authorisation and the pace of execution in the months ahead.
Disciplined execution within a narrow price band
Details of the transaction showed disciplined execution within a narrow price band, suggesting tight control over market impact. The shares were acquired across multiple trading venues, with the London Stock Exchange accounting for the bulk of volume at an average price of 355.79 pence.
Additional liquidity was sourced from BATS Europe, CHI-X Europe, Aquis Exchange and Turquoise, a spread that reflects a best-execution strategy designed to minimise slippage while sourcing available liquidity across platforms.
Market observers note that such multi-venue execution is typical of UK-listed buybacks, particularly when companies are repurchasing shares in relatively small daily clips rather than making aggressive market interventions.
Share cancellation trims equity base, updates voting rights
Because the repurchased shares will be cancelled, Airtel Africa’s issued ordinary shares now stand at 3.66 billion, with 7.49 million shares held in treasury. Following the adjustment, total voting rights have been reduced to about 3.65 billion.
The company said the updated voting-rights figure should be used by shareholders when assessing disclosure obligations under UK Financial Conduct Authority rules, particularly for investors monitoring threshold crossings.
While the numerical change is marginal, the continued reduction in voting shares gradually increases the relative ownership of remaining shareholders, reinforcing the mechanical benefits of the buyback programme.
What you need to know
In December 2024, Airtel announced the launch of the first tranche of its $100 million share buyback programme. Since then, the dual-listed telecom giant has increasingly leaned on capital management tools such as buybacks—alongside network investments and mobile money expansion, as it seeks to balance shareholder returns with growth across its African footprint.
The latest buyback execution was on December 31, 2025, when the company bought back 40,000 units from across exchanges and confirmed that the shares will be cancelled out.
Airtel’s breakdown of the repurchases by trading venue shows the broker (Barclays Capital Securities Limited) spread orders across multiple platforms:
- London Stock Exchange: 26,245 shares at VWAP 355.79p (range 354.00p–356.80p)
- BATS Europe: 4,136 shares at VWAP 356.40p (range 355.80p–357.00p)
- CHI-X Europe: 7,722 shares at VWAP 356.14p (range 355.60p–357.00p)
- Aquis Exchange: 1,215 shares at VWAP 356.02p (range 355.80p–356.80p)
- Turquoise: 682 shares at 357.00p
Stock performance on NGX
The share price of the stock closed on Friday, January 2, 2026, at N2,270.00 per share. It is currently the fourth most valuable stock on the NGX with a market capitalization of N8.53 trillion, which makes about 8.55% of the NGX equity market.
The stock hit its year high on May 28, 2025, before moderating at N2,310.50 on June 18, 2025. The price stagnated for several months till November 5, when it dropped further down to N2,270 per share, and remained at that level till the end of 2025.
For the market, this latest update shows Airtel’s commitment to incremental tightening of its equity base, ostensibly to reinforce the mechanics behind its shareholder value. Analysts say it is one of the stocks to watch out for in 2026.