8 February 2018

Nigeria: MTN Nigeria to List Its Shares On NSE This Year

MTN Nigeria, yesterday, discussed plans to list its shares on Nigerian Stock Exchange, NSE, at its board meeting, with the aim to launch its Initial Public Offering, IPO, this year.

The mobile phone operator had planned to list its Nigerian shares in 2017, as part of an agreement with the Nigerian government, but delayed the IPO due to market conditions.

The telecoms firm has now revived those plans and is considering hiring a public relations firm to manage communications ahead of the listing in Nigeria in addition to its South African advisers, a source told Reuters.

MTN has about 51.4 million subscribers in Nigeria, which account for about a third of its revenue.

"There's a lot of preparation going on due to the listing, which is expected to happen this year," Reuters said.

Group Chief Executive, MTN, Rob Shuter, was attending the two-day meeting, which began yesterday.

It will be recalled that in 2016, the telecom firm said it would list its local unit on the Nigerian Stock Exchange after agreeing to pay a reduced fine of $1.7 billion in a settlement with the Nigerian government over unregistered SIM cards.

It has appointed Stanbic IBTC Capital, Standard Bank of South Africa, Standard Advisory London and Citigroup Global Markets, as joint transaction advisors and global coordinators, with Stanbic acting as lead issuer.

The Chief Executive Officer, NSE, Mr. Oscar Onyema , had said during the Exchange's briefing on the performance of the stock market in 2017 and outlook for 2018, that it was working with MTN on the listing while the Securities and Exchange Commission (SEC) has discussed the IPO and how it could be structured.

Nigeria

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