MTN Nigeria becomes second biggest stock on Nigerian Stock Exchange.

Ralph Mupita says MTN Nigeria NSE listing was a "great day 1 'pop' of 10 percent".

MTN Nigeria listed on the Premium Board of the Nigerian Stock Exchange (NSE) on May 16. 

It was scheduled to start trading at 1:30 pm, but after a ceremony or speeches and congratulations, the trading only commenced at 2:14 pm local time. 

Within the 16 minutes, until the market closed for the day at 14:30, the stock jumped 10 percent to 99 nairas from the listing price announced the previous day, valuing the wireless carrier at 2 trillion nairas ($ 5.6 billion). 

MTN Nigeria became the second largest company on the NSE within their 16 minutes of trading, turning the stocks (which was down 9.5 percent this year) into a slight gain of 0.5 percent. 

MTN Group CFO Ralph Mupita (pictured above with Chapel Hill Denham CEO Bolaji Balogun, MTN Nigeria Communications Plc chairman Pascal Dozie, MTN Nigeria Communications Plc board member Gbenga Oyebode and Stanbic IBTC Capital CEO Funsho Akere) said: 

"MTN Nigeria successfully listed on the premium board of the NSE yesterday, opening with a listing price of N90 per share, and closed at N99, so a great day 1 'pop' or 10%. The listing is an important step towards further localization "the business, so that more Nigeria investors can share in the growth and progress of this fantastic business. There is more to do around accelerating digital and financial inclusion in Nigeria, and we believe we can play a role in that development."

While Ralph was busy finalizing the listing process in Nigeria, he was announced as the winner of the CFO or the Year Award at the 2019 CFO Awards in South Africa. He also won the Strategy Execution Award, the High-Performance Team Award and the Finance Transformation Award.

Read more: MTN CFO Ralph Mupita named CFO of the Year 2019

MTN also announced that it has been arranged to list the stock in two stages. The first allows Nigerian investors who previously bought and sold their shares over the counter to trade publicly. And the second will add to the free float by selling part of its majority 79 percent stake at a later date.