Update: SEC Confirms Receipt Of Application From MTN Nigeria

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After months of delay, Nigeria’s Securities & Exchange Commission (SEC) says it has received an application from South Africa based telecommunications group- MTN requesting for registration of its existing securities.

The listing on the NSE is a condition for settlement of a $1bn regulatory fine three years ago by the Nigerian Communications Commission (NCC), primary regulator of the nation’s telecoms sector.

A terse statement by Mrs. Efe Ebelo, spokesman of the commission said the company, Africa’s biggest mobile-phone company by subscribers, has “applied for listing by introduction,” preparatory to being listed and its shares trade-able on the floor of the Nigerian Stock Exchange.
The application, she stressed, “is presently receiving attention.”

The statement, therefore, confirms a story by Bloomberg last week citing “two people familiar with the matter.”

MTN Group had last Friday appointed Emir of Kano, Muhammadu Sanusi II, and two others, to its board on Friday as part of preparations for the listing and after converting its Nigerian unit into a public company last week (READ MORE).

https://investdata.com.ng/2019/05/update-sec-confirms-receipt-of-application-from-mtn-nigeria/

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