In 2021, the state oil company had forecasted a monthly revenue of N414.9 billion, resulting in a trajectory of N4.979 trillion for annual gross revenue but it has since recorded a shortfall of N1.29 billion in nine months.In the first nine months, NNPC revenue dropped to N2.44 trillion, below its projection of N3.73 trillion.

In January, its posted N195.62 billion revenue, lower than expected income by 112.12 percent. 

In February, it also recorded a dip in revenue at N191 billion and increased to N224.5 billion in March. 

In April, when oil prices were perpetually low, it recorded a sharp decline in revenue to N156 billion but recovered to N320.31 billion in May. 

In June and July, the corporation’s revenue fell to N295.39 billion and N270.40 billion, respectively.

In August, NNPC revenues bounced back, earning N389.1 billion and N400.44 billion at the end of September.

Despite these meagre earnings, NNPC deducted N25.37 billion in February as PMS under-recovery, also known as fuel subsidy. In March, it spent N60.39 billion and N61.99 billion in April. In May, it followed suit with N126.29 billion and N164.33 billion was pulled out in June. In July, it paid N103.28 billion and 173.13 billion in August.

In September, it paid 149.28 billion, amounting to N864.07 billion as fuel subsidy payments in nine months.

These monthly deductions affected its monthly revenue committed to the FAAC account, resulting in a deficit of N1.38 trillion in nine months.

Buyback is a corporate action in which a company buys back (repurchase) its shares from the existing shareholders — usually at a price higher than the market price.

Ownership consolidation, stock undervaluation or boosting of a company’s key financial ratios are some of the few reasons for such action.

Airtel Nigeria is a subsidiary of Airtel Africa Plc.

In a notice filed on the Nigerian Exchange Limited (NGX) on Monday, Simon O’Hara, company secretary at Airtel Africa Plc, said the total consideration was estimated to be N61.24 billion (using an exchange rate of N413.38) if all minority shareholders decide to tender their shares.

“This represents an open offer to all shareholders. A further announcement will be made in due course,” O’Hara said.

In 2019, Airtel Africa listed 3,758,151,504 ordinary shares on the Nigerian Stock Exchange (now Nigerian Exchange Limited).

The shares were listed at an offering price of N363 per ordinary share.

On Monday, shares of Airtel Africa Plc traded flat at N715 per unit on the NGX.

Meanwhile, Olusegun Ogunsanya has assumed office as the new managing director/chief executive officer, Airtel Africa Plc.

The company had announced his appointment in April 2021.

With more than 25 years of experience in business management experience in banking, consumer goods and telecoms, he will join the board of Africa’s telecoms firm.

“I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa,” he said.

“Moving forward, we will invest even more in our network and distribution channels to serve the communities where we operate. By doing this, we will continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.”