Dipo Olowookere
By Dipo Olowookere
General Manager of MTN, Mr Nikiwe Tsaagane, has assured the Federal Government that the leading telecommunications firm in the country will list its shares on the Nigerian Stock Exchange (NSE).
The South African company, which boasts of over 60 million subscribers in Nigeria, is presently paying a fine to the Nigerian government after it failed to disconnect lines of unregistered subscribers as required.
The Nigerian Communications Commission (NCC), the regulatory agency in the country, first slammed N1.04 trillion fine on the firm, but was later reduced to N330 billion.
Last year, MTN suffered a loss partly due to this fine and it said it might be difficult for it to go ahead with its planned listing on the local bourse.
But during a courtesy visit on Friday to the Minister of Science and Technology, Mr Ogbonnaya Onu, in his Abuja office, the General Manager of MTN noted that the company will still go ahead with the listing.
He explained that plans were underway to make shareholders apply for the listing digitally.
“To achieve this, we are working with the Nigeria Stock Exchange to develop an application platform to enable our customers apply online. It would be the first time such is happening in the country,” Mr Tsaagane informed the Minister.
The MTN top shot boasted that the listing of MTN Nigeria on the NSE will showcase Africa’s second biggest economy in the global economy.
“It is going to offer important role in the capital market as it will be one of the largest transactions in Africa,” he bragged.
“The transaction is structured by ensuring that it is data based and inclusive as we ensure that our Nigerian customers are able to participate,” Mr Tsaagane added.
In his remarks, the Minister commended MTN for contributing to the country’s economy, promising to “support you, study your proposal and make our own view.”
