Airtel now authorised to make political donations
Airtel Africa shareholders have passed a resolution authorising the company and its subsidiaries to make political donations
Airtel Africa and its subsidiaries are now authorised to make political donations to political parties and or Independent election candidates "generally and unconditionally."
The authorisation which was given at its Annual General Meeting (AGM) that itself and all its subsidiaries is, however, subject to the sum not surpassing £25,000 (about N12.5 million).
The telco heavyweight and its units are also permitted to make donations not more than that sum to political organisations that are not political parties and “incur political expenditure not exceeding £25,000 in total”, according to resolutions reached at its AGM on Tuesday.
Airtel Africa is Nigeria’s biggest company by market capitalization, its market value standing at over N6.5 trillion at market close on Thursday.
The development comes as Nigeria, Airtel Africa’s largest market, prepares to go to vote in 2023, while Kenya, Angola and Senegal warm up to conduct general elections this year. Airtel Africa does not have a presence in the last two.
Airtel Africa and its subsidiaries could make the donations “during the period beginning with the date of the passing of this Resolution (28th June, 2022) and ending at the end of the next Annual General Meeting of the Company or, if earlier, on 27 September 2023,” the wireless carrier said.
The money could be made up of one or more sums in different currencies which, for ease of conversion, shall be converted into “pounds sterling at the exchange rate published in the London edition of the Financial Times on the date on which the relevant donation is made or expenditure incurred (or the first business day thereafter) or, if earlier, on the day in which the Company enters into any contract or undertaking in relation to the same.”
Airtel Africa is to launch its payments service bank operations this week and is listed at £1.35 and N1,732.40 per share in London and Lagos respectively.