Nigerian regulators confirm MTN Nigeria's application to list on NSE

A billboard advertising MTN telecommunication company is seen along a road in Lagos November 16, 2015. (REUTERS/Akintunde Akinleye)
  • MTN Nigeria has filed an application to list on the country's stock exchange.
  • The Securities and Exchange Commission (SEC) says the application is receiving regulatory attention.
  • MTN will list by introduction on Nigerian stock in a move which may increase Nigerian ownership in the telecom firm from 20% to 35%.

MTN Nigeria has filed an application to list on the country's stock exchange, the Securities and Exchange Commission (SEC) confirmed on Monday.

The listing is part of requirements after the telecom firm incurred a record $5.2 billion fine over its failure to deactivate 5 million unregistered SIM cards in 2015.

The government reduced the fine to $1 billion (N330 billion), payable over the three years on the terms that MTN enlists on the Nigerian Stock Exchange (NSE). As of April 2018, the telecommunication company has paid more than 50% of the fine, according to NCC’s vice chairman, Prof. Umar Danbatta.

According to reports, Efe Ebelo, SEC’s Head, Corporate Communications, said the application is receiving attention from the regulatory body.

SEC can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.

“They have applied for listing by introduction which will enable the company to be listed and allow shareholders to sell their shares on the floor of the exchange.”

In a similar report by Reuters, the Nigerian Stock Exchange also confirmed that it had received MTN’s application to list.

Last week, MTN Nigeria Communications Limited changed its name to MTN Nigeria Plc as part of the listing requirements on the Nigerian Stock Exchange.

In the Group’s corporate filing for 2018, MTN said it will list by introduction on Nigerian stock in a move that will increase Nigerian ownership in the telecom firm from around 20% to 35%.

Rob Shuter, MTN Group president and CEO, had said the telecom firm will focus on improving relationship and risk management in 2019 as the company continues to face regulatory hurdles in one of the core business markets

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