MTN Nigeria to list on Nigeria Stock Exchange on 16 May

MTN Group CFO Ralph Mupita says it is the first and an important step towards increasing local ownership.

The Nigeria Stock Exchange (NSE) announced on 14 May 2019, that it had formally approved for MTN Nigeria to list on the Premium Board of the exchange. 

Speaking from Lagos, Nigeria, MTN Group CFO and 2019 CFO Awards nominee Ralph Mupita said " As MTN Group we are very pleased that we are taking this first and important step towards increasing the local ownership of the company, and building the equity capital markets in Nigeria. When market conditions are conducive, we will follow this listing by introduction with a public offer that will broaden the ownership of the company."

MTN Nigeria will list by introduction on 16 May 2019 on the NSE. 

In 2018, MTN has 58 million users in Nigeria, comprising the group’s biggest subscriber base. In that year, these subscribers generated 30 percent of the group’s R125 billion revenue. 

However, the group has faced challenges in the West African country, one of which was a $1.7 billion fine to settle a dispute over unregistered SIM cards. The group agreed to an initial public offering of its Nigerian business as part of the settlement, which saw the fine reduced to $1 billion.