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We are well advanced with the Nigerian listing, says MTN group boss, Shuter

Contrary to speculations that the structured payment of the fine levied on it by the Nigerian Communications Commission (NCC) over breaches in deactivating unregistered SIM cards few years ago, MTN group has said it is pushing ahead with listing in the Nigeria Stock Exchange (NSE).

The company through its Chief Executive Officer, Mr. Rob Shuter, said plans for an initial public offering of its Nigerian business this year were well advanced, adding that the company would provide exact terms in the next few months.

He spoke in Lagos after MTN signed an agreement with Ecobank to form a partnership on mobile banking across Africa, announcing that “We are well advanced with the Nigerian listing. If market conditions are appropriate we should conclude it this year”.

MTN said in November that it was focused on laying the groundwork for the IPO and should complete the process in the next six months. MTN agreed to the IPO as part of the settlement of a $1bn fine imposed by the Nigerian Communications Commission on it in 2015.