Airtel CEO Olusegun Ogunsanya Rakes in N739.5 Million Share Sales

Airtel CEO Olusegun Ogunsanya Rakes in N739.5 Million Share Sales

  • Airtel CEO Olusegun Ogunsanya has raked about N739.5 million from the sales of Airtel shares
  • The company disclosed this to investors on Friday, August 11, 2023, and said the amount is from the sales of 666,174.760 units of shares at 1.137 pounds
  • The development comes as the Central Bank of Nigeria released its 2022 financial statements

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On Friday, August 11, 2023, Telecom giant Airtel Africa notified the investing public of the transaction in the firm’s ordinary shares by its Chief Executive Officer, Olusegun Ogunsanya.

The August 4, 2023 transaction at the London Exchange saw Ogunsanya offload about 666,174.760 units at 1.137 pounds per share, amounting to 757,449.70 pounds or N739,579,564.8.

Airtel, CEO, Olusegun Ogunsanya
Airtel CEO, Olusegun Ogunsanya
Source: UGC

Airtel gives reason for the sale of the shares

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Airtel said:

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“This sale of Ordinary Shares is to fund a property purchase by Ogunsanya. Following this transaction, Mr. Ogunsanya holds 4,325,282 Ordinary Shares in Airtel Africa.”

The development comes as investors in Nigeria’s equities market try to digest the recently released financial results of the Central Bank of Nigeria (CBN) for 2022, showing a deteriorating fiscal crisis.

Nigerian Exchange closes positive after CBN's report

BusinessDay reports that Despite CBN’s grim report, the Nigerian equities market closed positive on Friday, August 11, 2023. It gained 0.18%, pushing the week’s earnings higher by 0.20% in sustained interest in banking and insurance stocks.

The market gained in three to five trading sessions in the week under review, pushing a year-to-date positive return to 27.46%

The financial statement of the CBN released on Friday showed that the apex bank owed American banking giants JP Morgan and Goldman Sachs a combined $7.5 billion as of the year ended December 2022.

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The bank also released its liabilities, showing $6.3 billion owed in foreign currency forwards, bringing the total liabilities to $13.8 billion.

The Nigerian Exchange Limited All-Share Index (ASI) and equities market capitalization spiked from the preceding week’s lows of 65,198.08 points and N35.480 trillion, respectively, to 65,325.37 points and N35.572 trillion at the close of trading on Friday, August 11, 2023.

CBN owes foreign banks, JP Morgan, Goldman Sachs $13.8 Billion

Legit.ng reported that the Central Bank of Nigeria owes JP Morgan and Goldman Sachs a combined $7.5 billion as of the financial year ended December 2022.

As part of its liability, the apex bank also included $6.3 billion owed in foreign currency forwards.

The disclosure is part of CBN's audited financial statement published on its website on Friday, August 11, 2023.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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