MTN under investigation over Nigeria listing

29 May 2019

MTN Nigeria is under investigation by the Economic and Financial Crimes Commission (EFCC) over its listing on the local stock exchange which took place last week, Bloomberg reports. Nigeria’s largest mobile operator has ‘not been accused of wrongdoing’ and received all the necessary regulatory approvals required to list its shares, according to a company statement.

TeleGeography’s GlobalComms Database states that MTN Nigeria first revealed plans to list its shares on the Nigeria Stock Exchange (NSE) in July 2016, as part of a settlement arrangement with the government regarding a NGN330 billion (USD912 million) fine handed to the cellco in October 2015 for failing to disconnect around 5.1 million incompletely registered SIM cards. As a first step, this was achieved on 16 May 2019 via ‘a listing by introduction’, although MTN intends to follow this with a public offer once market conditions are conducive.

Nigeria, MTN Group, MTN Nigeria