MTN begins Nigerian private share placement

20 Dec 2007

The Nigerian Daily Sun reports that MTN Group, the South African parent of local cellco MTN Nigeria, has launched a private placement offer as part of the process to widen ownership of the operator amongst Nigerian nationals. The placement is a confidential process and little information has been disclosed, but it is thought that it will be completed during the first quarter of 2008.

Meanwhile MTN Nigeria has been on a publicity ‘charm offensive’ following calls made last week by a government committee to revoke its licence because of poor service. MTN spokeswoman Amina Oyagbola said that the company realises its obligations to its customers and continues to make all efforts to meet and exceed their expectations. ‘We remain totally committed to providing world class telecommunications services across Nigeria,’ she said, adding that ‘in the last six months, we have increased our active sites to 3,573 from 2,775,’ and that 500 base stations across the country had been upgraded during 2007 to provide greater capacity. According to Mrs Oyagbola, the board of MTN recently approved an additional USD1.3 billion to support network improvements in 2008, and that all equipment required for 2008’s deployment programme has been procured.

Nigeria, MTN Nigeria