Airtel CEO earns £757,440 from share sales

Bisola David
Bisola David
Airtel CEO earns £757,440 from share sales

Airtel Africa Plc notified the Nigerian investing public on Friday of it’s Chief Executive Officer, Olusegun Ogunsanya’s transaction in the Company’s ordinary shares.

The transaction on the London Stock Exchange on August 4 of 666,174.760 units at £1.137 per share amounted to £757,440.70.

“Ogunsanya will use the proceeds from this sale of ordinary shares to finance the purchase of a property.

The provider of telecommunications and mobile money services states that Mr. Ogunsanya now possesses 4,325,282 Ordinary Shares in Airtel Africa as a result of this transaction.

After investors in Nigeria’s stock market turned their backs on the Central Bank of Nigeria’s financial report for 2022, which predicted a deepening fiscal crisis, something happened.

Contrary to the report, persistent interest in stocks of banks and insurance companies helped the market conclude Friday in the black by 0.18 percent, pushing the return for the week up by 0.20 percent.

As of the fiscal year that concluded in December 2022, the Central Bank of Nigeria owed $7.5 billion to American banks JP Morgan and Goldman Sachs, according to the consolidated financial accounts that were released on Friday.

Another $6.3 billion in outstanding forward foreign exchange debt is also included in the apex bank’s liabilities, bringing the total liabilities to $13.8 billion.

The All-Share Index and equity market capitalization of the Nigerian Exchange Limited rose from their previous week’s lows of 65,198.08 points and N35.480 trillion, respectively, to 65,325.37 points and N35.572 trillion, respectively, at the end of trading on Friday.

Additionally, Vetiva Research analysts stated in their prognosis for the fixed-income market that they believe the bond segment would continue to be bearish as a result of limited system liquidity. Similarly, they predict that participation in the NTB market will be influenced by liquidity levels.

As a result, stop rates across the trio instruments decreased to 5 percent, 5.90 percent, and 9 percent (from 6 percent, 8 percent, and 12.50 percent, respectively).

The secondary market’s performance was uneven, with the average T-bill yield falling to 6.88 percent from 6.97 percent the previous week while the average bond yield rose to 13.52 percent.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *