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Foreign reserves near $53bn as CBN reforms gain traction

CBNThe Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.

The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.

CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on Tuesday.

According to the statement, “The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.”

Cardoso said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in Nigeria’s economic management. “This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.

He noted that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.

According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and improved market transparency.” Cardoso added that the naira had recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.

He said, “The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.”

The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.

He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, the introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark.

He said the reforms were designed to strengthen liquidity management, improve transparency, deepen financial markets and align Nigeria’s money market infrastructure with international best practices.

Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.

He said the fair provided an opportunity for the apex bank to engage directly with citizens, businesses and other stakeholders, explain its policies and obtain public feedback. “The fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said.

He urged participants to actively engage in the sessions by asking questions and seeking clarification on the bank’s policies and programmes. The apex bank also reiterated its warning against the abuse and misuse of the naira.

Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms and to respect the national currency. She said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the  naira.”

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies and provide stakeholders with opportunities to ask questions and offer feedback.

He urged participants to pay attention to the presentations and actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.

The CBN said it would continue implementing policies aimed at maintaining monetary and price stability, strengthening financial markets, rebuilding investor confidence and promoting sustainable economic growth.

admin by — August 5, 2026 in Business 0
Dangote eyes $5bn IPO to finance refinery expansion

Dangote Petroleum Refinery & Petrochemicals FZE is targeting about $5bn through an Initial Public Offering expected to conclude in October, with the proceeds earmarked to expand its Lagos refinery’s capacity to 1.4 million barrels per day.

According to a Reuters report on Tuesday, the proposed transaction could become Africa’s biggest-ever stock market listing.

Sources familiar with the transaction said the refinery had submitted an initial application to the Securities and Exchange Commission and was awaiting regulatory approval in the coming weeks. Subject to approval, the company is expected to publish its prospectus in September ahead of the October share sale.

One source familiar with the transaction said the refinery was targeting a $5bn fundraising, although the final amount would depend on the approval granted by the Nigerian regulator.

“The IPO’s target was $5bn, but the final figure will depend on what the Nigerian regulator approves, as the primary listing will be on the Nigerian Stock Exchange,” the source said.

If achieved, the fundraising would account for just over four per cent of the Nigerian Exchange’s All Share Index, whose market capitalisation stood at about $116bn on Tuesday.

 The refinery, owned by Africa’s richest businessman, Aliko Dangote, plans to use the proceeds to increase refining capacity as part of efforts to reduce Africa’s dependence on imported refined petroleum products and strengthen the continent’s position as a fuel exporter.

According to the sources, the company is also considering constructing a refinery along the Kenyan coast in partnership with East African governments.

The planned public offering has attracted interest from capital markets across Africa. Stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have reportedly held discussions with the refinery’s advisers in recent months.

One source said Kenya’s capital market could contribute as much as $500m towards the IPO, citing strong demand from institutional investors. “There is tremendous appetite for the issue among local investors such as pension funds,” the source said.

The refinery also intends to make the offering a pan-African investment opportunity. According to one source, investors outside Nigeria may gain access to the IPO through structured investment products rather than a cross-listing.

The source explained, “Other capital markets on the continent that want a slice of the deal will have to craft structured solutions for their investors, such as global depositary receipts or exchange-traded instruments, which mirror the actual shares to be listed on the Nigerian exchange, including the right to accrue future dividends.”

However, the source clarified that a cross-listing or dual listing on other African exchanges was not planned. The proposed IPO follows a $2.5bn private placement completed last month for a six per cent stake, which valued the refinery at about $40bn.

Reuters noted that the valuation is significantly higher than those of some listed global refiners. Turkey’s Tupras, which has a combined refining capacity comparable to Dangote’s across four refineries, has a market value of about $12bn, while United States-listed HF Sinclair, with a refining capacity of 678,000 barrels per day, has a market capitalisation of around $16bn.

The refinery, which cost about $20bn to build, commenced operations in 2024 and reached full production capacity earlier this year. Nigeria’s state-owned Nigerian National Petroleum Company Limited holds a stake of just over seven per cent in the facility.

In April, Dangote announced plans to increase the refinery’s production capacity to 1.4 million barrels per day. The sources also disclosed that investors participating in the IPO would have the option of subscribing and receiving returns in either naira or US dollars.

According to the sources, Dangote wants the public offering to become “an African champion”, enabling capital markets across the continent to participate in financing one of Africa’s largest industrial assets.

Both sources requested anonymity because discussions surrounding the transaction remain confidential. Efforts to obtain comments from Dangote were unsuccessful.

admin by — August 5, 2026 in Business 0
2027: I don’t see Obi-Kwankwaso going anywhere – Primate Ayodele

Founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, says he does not see the presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, and his running mate, Rabi’u Kwankwaso going anywhere in the 2027 general elections.

Primate Ayodele said this in a video posted on X where he was addressing his congregation.

According to him, the NDC would have joined forces and formed a coalition with the African Democratic Congress, ADC.

Recall that the duo left the ADC for the NDC in May, citing internal divisions and court cases.

Reacting, the cleric said, “You see the NDC party in Nigeria, assuming you can listen. Instead of you going as a solo party, you would have merged with the ADC and form a coalition.

“But you alone going solo, NDC is not in the calculation. They call it OK but I’m not seeing anything okay. I do not see ‘OK’ (Obi and Kwankwaso) going anywhere in the 2027 Presidential election.”

admin by — August 4, 2026 in News 0
2027: Not providing primary, secondary school certificates disqualified Tinubu – Kenneth Okonkwo

A chieftain of the African Democratic Congress, ADC, Kenneth Okonkwo, has claimed that President Bola Tinubu’s inability to provide his primary and secondary school certificates to the Independent National Electoral Commission, INEC, disqualifies from being Nigeria’s president.

Okonkwo charged Tinubu to respect the Nigerian law governing qualifications into universities.

INEC had published credentials and other details of all presidential candidates contesting in the 2027 elections.

Tinubu had presented only his university certificate, while that of his primary and secondary were missing.

This has raised a widespread concern from Nigerians, raising fresh questions about his educational qualifications.

However, Okonkwo posted on X: “Nigeria has its laws that should be respected. No Nigerian is qualified to go to a University without 5 credits at the O’ Level.

“Tinubu purporting to be qualified for President by providing a foreign University certificate, which the University publicly declared did not emanate from it, without providing his secondary school certificate or its equipment disqualifies him from being President.

“The only reason our democracy is in peril is because of judicial rascality.

“Despite all warnings by the Chief Justice of Nigeria and the National Judicial Council (NJC), some judges have operated as an island on their own, interpreting the laws they made on the bench, bereft of the imprimatur of the legislature.

“The judges have usurped the powers of the executive and the legislature from the bench with the instrumentality of perverse judgement.”

admin by — August 4, 2026 in News 0
GAFDAN rejects reports of targeting Fulani communities in Bokkos

Plateau State chapter of the Gan Allah Fulani Development Association of Nigeria, GAFDAN, has refuted allegations made by a group called the Bokkos United Community Based Organizations, indicating that Fulani people have relocated to some communities in the council with the intention of launching attacks and occupying the affected communities.

In a statement signed on Monday by the State Chairman of GAFDAN, Hon. Garba Abdullahi Muhammad, the organization described the allegations as not only deliberately false but inciteful and a misleading attempt to pit the Fulani people against the local communities.

The statement made available to DAILY POST noted that the accusations, which have been widely circulated on social media platforms, inadvertently described the Fulani people as terrorists and criminal elements who have stealthily infiltrated communities in Bokkos with the aim of unleashing terror attacks.

Expressing his dismay at what he called a desperate display of misinformation, Muhammad said

the publication made sweeping allegations against Fulani people while also attempting to portray normal religious gatherings as evidence of criminal activity.

In the statement titled “Re-Rebutal of false, inciteful and misleading social media allegations targeting Fulani communities in Bokkos LGA,” the organization said it categorically rejects these allegations as baseless, reckless, inflammatory, and completely unsupported by any credible evidence.

Continuing, the GAFDAN Chairman said:

“It is deeply unfortunate that, at a time when the Government of Plateau State, traditional institutions, religious leaders, security agencies, and peace-building organizations are making genuine efforts to restore lasting peace across Plateau State, some individuals continue to circulate messages capable of reigniting fear, hatred, and mistrust among peaceful communities.”

He stressed that the publication did not present any verifiable facts or evidence of such incursions but instead relied on ethnic profiling by branding an entire ethnic group as terrorists solely because they are Fulani.

“Such generalizations are dangerous, unjust, and contrary to the principles of justice, fairness, and peaceful coexistence guaranteed under the Constitution of the Federal Republic of Nigeria,” he added.

Muhammad further noted that it was even more disturbing that the accusing group attempted to portray Muslims observing their constitutional right to worship as proof of criminality.

“Freedom of religion is a fundamental right enjoyed by every Nigerian irrespective of ethnicity or faith. Suggesting that Friday prayers constitute evidence of terrorism is not only misleading but also promotes religious intolerance and deepens existing divisions within society.

“GAFDAN wishes to remind the public that duly constituted security agencies should handle security matters,” he added.

He also stated that where there is credible intelligence regarding criminal activities, such information should be reported to the appropriate authorities for investigation rather than disseminated on social media in a manner that stigmatizes innocent citizens and fuels ethnic tension.

“We are concerned that repeated circulation of unverified claims against Fulani communities has contributed significantly to the culture of suspicion, collective blame, and reprisals that have claimed many innocent lives across Plateau State.

“Lasting peace cannot be achieved through propaganda, misinformation, or inflammatory narratives,” he warned.

The GAFDAN chairman called on security agencies to investigate the origin of the publication and take appropriate action against anyone found deliberately spreading false information capable of inciting violence.

He further called on community leaders, youth groups, religious leaders, and civil society organizations to discourage hate speech and promote responsible communication.

“Members of the public should verify information before sharing it and avoid publications that could undermine ongoing peace efforts. All ethnic and religious groups in Plateau State should continue embracing dialogue, mutual respect, and peaceful coexistence,” he emphasized.

admin by — August 4, 2026 in News 0
Osun election: I won’t allow rigging as chief security officer – Gov Adeleke warns Tinubu

Governor Ademola Adeleke of Osun State has warned President Bola Tinubu that the people of the state will not accept any form of rigging in the upcoming governorship election.

Adeleke declared that the people of the state would go out en masse to cast their votes and would defend it to avoid rigging.

Addressing his followers yesterday during a campaign rally in a video, Adeleke said as the Chief Security Officer of the state, he is saddled with the responsibility of protecting the state.

He accused the police of being compromised, while lamenting killings in the state.

According to Adeleke: “President Tinubu, I’m passing this message to you, what do you want Osun State to do?

“We have endorsed you, what more do you want us to do? Why have we done that they are killing us? The police have been compromised, let them go and confront kidnappers.

“President Tinubu, I’m using this period to tell you, I’m the Chief Security Officer of Osun State, and I’m passing this message to you that Osun will not accept any rigging, we will go out en masse to vote and defend our votes.”

Adeleke warned Tinubu not to allow a repeat of the 1993 incident during the August 15 governorship election in the state.

“I repeat, let’s not allow what happened in 1993 to repeat itself. President Tinubu, Osun people and Accord Party has endorsed you as our presidential candidate, why are we suffering?

“Why is our money being kept? Oyetola needs to be called to order, people are just being killed, the blood of the innocent will cry out,” he added.

admin by — August 4, 2026 in News 0
‘Osun is bleeding’ – Adeleke tells Tinubu not to let Oyetola set state on fire

Osun State Governor, Ademola Adeleke, has appealed to President Bola Tinubu to intervene in the rising political tension in the state.

While warning that Osun is “bleeding”, he urged the President not to allow the Minister of Marine and Blue Economy, Gboyega Oyetola, to plunge the state into violence.

Adeleke made the appeal in a statement posted on his official social media page on Monday after addressing supporters at a campaign rally in Olorunda Local Government Area of the state.

According to the governor, the loss of innocent lives linked to political violence in Osun has become a major concern, stressing that residents deserve nothing more than a peaceful and credible electoral process.

“At the campaign rally today in Olorunda Local Government Area, I appealed directly to Mr. President, Asiwaju Bola Ahmed Tinubu; Osun is bleeding, and our people will not be intimidated. His intervention is needed. The loss of innocent lives in Osun must stop. All we are asking for is simply a free and fair election,” Adeleke said.

The governor urged Tinubu to act in his capacity as the leader of the country by protecting Nigeria’s democratic values, recalling the President’s long-standing involvement in the struggle for democracy.

According to Adeleke, with the 2027 general elections drawing closer, the President should not allow his administration to be associated with actions capable of undermining the democratic process in Osun.

“Mr President must act as the father of this nation and help safeguard the democracy he fought for. I reminded the President that the 2027 general elections are also around the corner, and he should not allow his nephew, Mr. Oyetola, the Minister for Marine and Blue Economy, to ruin his name and the democracy he fought along with many others,” he stated.

The governor also warned against a return to the era of political violence, saying Nigerians, particularly those in the South-West, should never experience a repeat of the events that characterised the 1983 political crisis.

“It is our collective prayer that, as a country, we may never witness such incidents as the political violence of 1983, particularly in the South-West. Democracy works when the people freely choose their leaders, a demand that is not too much for the citizens of Osun State to make,” Adeleke added.

Adeleke maintained that the appeal was aimed at ensuring a peaceful political atmosphere and protecting the right of Osun residents to freely elect their leaders.

admin by — August 4, 2026 in News 0
NEITI audit probe suffers setback as CBN, NDDC, NUPRC shun Senate hearing

The planned probe of the 2021 to 2023 audit reports on the oil and gas industry by the Nigeria Extractive Industries Transparency Initiative (NEITI) suffered a setback on Monday as key agencies shunned a Senate public hearing.

The management of the Central Bank of Nigeria (CBN), the Niger Delta Development Commission (NDDC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as well as NEITI, failed to appear before the Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwabo (PDP, Gombe North).

The committee had scheduled a three-week public hearing based on audit reports presented by NEITI.

Miffed by their absence, the committee directed the management of the CBN, NDDC and NUPRC to unfailingly appear before it on Thursday, August 6, 2026.

Senator Dankwabo said failure by any of the affected agencies to honour the rescheduled appearance would attract serious sanctions as provided for in the 1999 Constitution and the Senate Standing Orders.

A member of the committee, Senator Babangida Hussaini (APC, Jigawa North West), recommended that constitutional provisions be invoked against the heads of the absentee agencies.

“I rely on Sections 47 and 60 of the 1999 Constitution, as amended, as well as relevant provisions of our Standing Rules.

“The powers of this committee are derived from these provisions. It is a distraction to the institution of the National Assembly for any agency to refuse to appear and answer audit queries that have been validly raised,” Senator Hussaini said.

“This committee is being taken for granted, and by extension, Nigerians are being taken for granted. The institutional integrity of the Senate is being undermined. Drastic measures need to be taken in line with our rules,” he added.

Another member, Senator Patrick Ndubueze (APC, Imo North), canvassed outright sanctions against the heads of the absentee agencies.

“Mr Chairman, this reflects the level of commitment of government agencies in this country. No letter was written. No excuse was offered. No representative was sent.

“To me, they don’t deserve to be given any second chance to appear,” he said.

Despite the boycott, the committee said it would proceed with the public hearing with expected appearances by the Office of the National Security Adviser (ONSA), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), and other agencies.

admin by — August 4, 2026 in News 0
FG plans to end crude oil exports

Crude oilThe Federal Government is working towards ending crude oil exports as Nigeria expands its refining capacity and seeks to transform the country into a major hub for refined petroleum products in Africa.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Rabiu Umar, disclosed this on Monday at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers Nigeria Council in Lagos.

Umar said Nigeria’s expanding refining capacity meant the country should increasingly process its crude locally rather than export the raw commodity. He said the development of new private and modular refineries was rapidly transforming Nigeria from a crude oil exporter and importer of refined petroleum products into a regional refining hub.

“The fact that today, we have more refining capacity in Nigeria than we’ve ever had. And, of course, with the projects that are on stream and the expansions that we are also going to witness in the coming years, clearly Nigeria is going to turn into a refining hub for Africa, which means that perhaps every single molecule of our three million barrels a day production that we hope to achieve in the next couple of years will actually be refined locally.

“What that means, and I think this is a monumental shift, is a handshake between the upstream, midstream and downstream. Effectively, it’s not just exporting the raw crude, but making sure that what we actually end up exporting is the refined petroleum products. And I think this is quite substantial,” he stated.

The NMDPRA chief executive said his agency was working with the Nigerian Upstream Petroleum Regulatory Commission to enforce the domestic crude supply obligation, which he described as critical to supporting the country’s growing refining industry.

“True resilience requires operational and commercial balance. And we remain steadfast in working with our sister agency, the NUPRC, in enforcing the domestic crude supply obligation. And this is really, really important because if we have enough refining capacity, really we don’t have any reason to be exporting crude oil.

“The more of the refined products we are able to export, the more value we create because, after extraction, we’re also adding value, including in the gas and petrochemical sectors as well,” Umar stated.

He said the shift towards domestic refining would enable Nigeria to capture more value from its petroleum resources by integrating the upstream, midstream and downstream sectors. Umar also identified energy security, gas expansion and regulatory excellence as key priorities of the NMDPRA.

He said the authority was working to ensure adequate petroleum product stocks were maintained close to markets to guard against supply disruptions and price shocks.

“In addition, we are also working on ensuring that we maintain a certain level of stock in the country at any given point in time. As we’ve seen with the current global crises, we have seen how countries have had to dip into their reserves to make sure that prices don’t escalate.

“So, when we talk about energy security, it’s not just having the products on the coastline, but having the products near markets. In addition to that, we’re also working to make sure that we have stock that will have a protocol of release to make sure that prices remain fairly stable because, of course, as we know, supply and demand drive what we see in terms of pricing,” he added.

Umar said the NMDPRA was also removing bottlenecks affecting the deployment of midstream infrastructure, including pipelines, depots and strategic storage terminals.

He said the agency was working with the Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act, to rehabilitate critical infrastructure, strengthen integrity management, sustain throughput, and reduce losses and disruptions.

On regulation, Umar said the authority was seeking to make the sector more predictable for investors by reducing bureaucratic hurdles and speeding up regulatory decisions.

“On our own part, what we’re trying to do is to make sure that we move away from regulators being seen as police people. Our job is to make sure that the environment is predictable. People can predict what to expect. People can actually determine how long it will take to get a certain refining licence, for example. Because once the conditions are met, it’s like clockwork.

“Because we can’t move forward in the 21st century in terms of investment when we are having a mindset of 1960. So this is really the core of what we’re trying to achieve,” Umar explained.

The NMDPRA chief executive said Nigeria was also seeking to strengthen its position in the West African petroleum products market through the development of a regional pricing benchmark.

He said the initiative, being pursued with other West African regulators and S&P Global Commodity Insights, would help create a transparent regional market and turn Nigeria into a trading hub.

“Our idea is to see how we can actually turn Nigeria into a trading hub. Working with other West African regulators, how do we have one single standard or, if you like, specification for all the products that we consume? That way, people can move products from one region to another without constraint. Today, you hear 50 ppm, somewhere it’s 200 ppm, and all sorts of other parameters that are different,” he stated.

Umar urged stakeholders to focus on implementing existing policies and strategies rather than continuing to develop new plans.

Meanwhile, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said collaboration remained critical to developing Nigeria’s oil and gas industry amid rapid changes in the global energy landscape.

Eyesan said geopolitical developments, climate considerations, technological disruptions, artificial intelligence, changing investment priorities and rising energy demand were redefining how countries produce, transport and consume energy.

“The theme of this year’s conference, ‘Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,’ speaks directly to the realities confronting our industry today.”

She said the conference was more than an annual gathering, noting that discussions held at the event over the years had contributed to shaping the direction of Nigeria’s petroleum industry.

Eyesan said collaboration among government, regulators, operators, investors, service providers and professionals had helped shape reforms in the upstream sector.

Also speaking, the Chairman of the SPE Nigeria Council, Francis Nwaochie, said Nigeria’s energy future would depend not only on its natural resources but also on its ability to develop solutions to its energy challenges, strengthen institutions, attract investment and sustain collaboration.

Nwaochie said the country had abundant hydrocarbon resources, a growing gas economy, resilient indigenous operators, skilled professionals and an expanding technology ecosystem.

He stressed that recent developments, including the 2025 oil and gas licensing round, the Decade of Gas initiative and the Federal Government’s plan to settle verified arrears owed to power generation companies and gas suppliers through a N4tn government-backed bond, indicated that the industry was moving towards greater investment and stability.

Nwaochie said resilience should translate into increased production, gas commercialisation, improved ease of doing business, stronger regulatory coordination, deeper local content and increased access to long-term capital.

admin by — August 4, 2026 in Business 0
Airtel Africa revises share capital, voting rights

Airtel AfricaDual-listed telecommunications giant Airtel Africa plc has officially notified the Nigerian Exchange Limited and the London Stock Exchange of a shift in its total voting rights and share capital structure as of the close of business on 31 July 2026.

The regulatory disclosure on Monday reveals that the total effective voting rights denominator for shareholder reporting calculations now stands at 3,632,760,281 ordinary shares.

The update was issued in accordance with Rule 5.6.1R of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Addressing the shift in capital and voting structure, the company stated, “The total number of voting rights that may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company… is 3,632,760,281.

According to the corporate filing signed by Group Company Secretary Simon O’Hara, the company’s issued share capital as of  31 July 2026, consisted of 3,639,696,802 ordinary shares of $0.50 per share, with each share carrying one vote.

However, the active voting power available to investors has been adjusted due to internal treasury holdings and ongoing corporate capital allocation actions. Specifically, the total issued share count includes 6,136,678 ordinary shares held in treasury, which carry zero voting rights under market regulations.

The resulting 6,936,521-share difference between total issued share capital and available voting rights stems directly from treasury shares and pending buyback cancellations.

“The difference between the issued share capital and the total number of voting rights relates to the 6,136,678 ordinary shares held in treasury and the unsettled share purchases (799,843 shares) which are yet to be cancelled in accordance with the ongoing share buyback programme of the Company as announced on 22 May 2026,” the corporate disclosure noted.

The share buyback initiative forms part of the telecommunications company’s strategy to optimise its balance sheet, manage equity structure, and return value to its shareholders. By systematically purchasing and repurchasing shares from the open market for cancellation, the company reduces the total number of circulating shares, effectively enhancing key financial metrics such as earnings per share.

Airtel Africa remains a leading provider of telecommunications and mobile money services, operating across 14 sub-Saharan African countries. The group offers an integrated footprint including mobile voice, data services, and international mobile financial solutions.

Following the capital adjustment, shareholders and institutional investors holding interests in the telecom provider must now use 3,632,760,281 as the official denominator to calculate and disclose significant shareholding changes under international transparency regulations.

admin by — August 4, 2026 in Business 0