Airtel Africa Plc

Airtel Africa is the second-largest telecom in Nigeria after MTN, with over 60 million Nigerian subscribers. Every Airtel SIM card in Lagos — every "0802" or "0701" line — is a customer of this stock. For Lagosians, Airtel matters because of its aggressive push into mobile money (Airtel SmartCash PSB). With one of the most competitive data prices in Nigeria, Airtel powers a meaningful share of Lagos's gig economy and remote workforce. The company's data revenue grew 39% in 2025, far outpacing voice. The third reason Lagos investors care is valuation. As a dual-listed stock on NGX and the London Stock Exchange, Airtel Africa offers exposure to 14 African markets — including Kenya, Uganda, Tanzania, and Zambia — diversifying the typical Lagos investor's Nigeria-only portfolio. The stock trades at 12.5x P/E with a 1.8% dividend yield.

Airtel Africa Plc is a leading provider of telecommunications and mobile money services across 14 African countries with combined population of over 600 million. Established as a separate entity in 2010 from parent Bharti Airtel's African operations, Airtel Africa listed on the London Stock Exchange in June 2019 and on the NGX a month later. The company operates three core business segments: Mobile Voice (45% of revenue), Mobile Data (40%), and Mobile Money (Airtel Money — 15% but fastest-growing). Data revenue has compounded at 35%+ annually since 2020 as African smartphone penetration accelerates. Nigeria is Airtel Africa's largest market — generating approximately 40% of group revenue. The company's Lagos infrastructure includes 6,200 cell towers, 12,500 km of fiber, and 4,000 4G LTE sites. Airtel SmartCash PSB launched in 2022 with 8 million wallets as of Q1 2026. Airtel Africa pays a quarterly dividend (rare among NGX stocks) and has been steadily de-leveraging since IPO. The 5G commercial rollout in Lagos and Abuja is expected in late 2026, following spectrum auctions completed in 2024.