17 May 2019

Nigeria Stock Exchange Buoyant After MTN Listing

Photo: African Utilities Week
The 2019 African Utilities Week at the Cape Town International Convention Centre.

Lagos — The Nigerian Stock Exchange (NSE) has welcomed MTN Nigeria's listing as a promising development in the country's telecommunications sector and encouragement to other players in the industry to explore different opportunities in the capital markets.

MTN Group's largest entity by subscriber base, listed on Thursday.

"Having MTN Nigeria listed in our market is a testament of The Exchange's commitment to building a dynamic and inclusive market and creating channels for sustainable investment," Oscar Onyema, NSE Chief Executive Officer, said.

"This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development."

The listing was by the introduction of 20,35 billion ordinary shares at N90 per share, on its NSE's Premium Board.

The board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.

NSE National Council President, Otunba Abimbola Ogunbanjo, expected MTN Nigeria's listing, which is the NSE's second largest, would encourage other telecommunication companies to list their shares on the exchange.

"... thereby opening the sector up to cheaper, long term capital that will boost innovation and development," Ogunbajo said.

The South African-headquartered MTN has over 6 million customers in Nigeria.

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