Lawmakers want GSM operators to list on bourse

30 Nov 2011

A bill seeking to compel GSM service providers in Nigeria to sell a proportion of their shares to the public is to be presented to the National Assembly in the near future, according to a report by local newspaper THISDAY, which cites chairman of the Capital Market Committee Herman Hembe. ‘Telecom operators in Nigeria must get listed on the bourse of the Nigerian Stock Exchange (NSE),’ Hembe said, adding: ‘This sector with a starting market of less than a million in 2000 now caters for over 90 million users and they make huge profits from Nigeria and are mostly not listed on our markets.’ MTN Nigeria, the local division of South Africa’s MTN Group, Airtel Nigeria, which is owned by India’s Bharti Airtel, UAE-based Etisalat Nigeria and local company Globacom (Glo) could all be forced to list a proportion of their shares on the NSE. The new bill also covers the oil and gas sectors, as well as digital satellite television service providers.