Nigeria: SEC Approves MTN's Listing On Stock Market

An MTN facility in Abuja.

The Securities and Exchange Commission (SEC) has approved the application by MTN Nigeria to list on the Nigerian Stock Exchange (NSE) by way of introduction.

The Acting Director General of SEC, Ms. Mary Uduk, said, "MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted," a statement by Mrs. Efe Ebelo, the Head, Corporate Communication, read in part.

Recall that SEC received the application from the company last week to register their existing securities.

The statement indicated that the record approval is a further indication of the determination by SEC to work with companies that are interested in the capital market.

"We believe that this will also encourage other service providers to come to the market" it said.

MTN had on Tuesday announced the successful registration of its 20,354,513,050 ordinary shares of N0.02 each with the SEC.

The completion of the process sets in motion the next steps in MTN's intended listing by introduction on the NSE.

The MTN CEO, Ferdi Moolman, said, "I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the NSE to complete the listing process."

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