Remember when we talked about MTN Nigeria converting to a PLC as part of the requirements to list their shares on NSE (Nigerian Stock Exchange)? Well, the Nigerian biggest telco has successfully completed its registration of 20.35 billion ordinary shares at 2 kobo per share with the Securities and Exchange Commission (SEC).
Chief Executive Officer of MTN, Ferdi Moolman said this is a new way to set in motion it’s intended listing. According to the Security Exchange Commission (SEC), they received an application from MTN Nigeria where they requested for registration of its existing securities. An earlier statement by SEC however revealed that MTN Nigeria has applied for listing by introduction. The commission said the application is presently receiving attention.
See also: MTN to Sell Off Stake in Jumia
MTN Group recently appointed the Emir of Kano and former Governor of the Central Bank of Nigeria, Lamido Sanusi, as a non-executive director. MTN also appointed Mcebisi Jonas as Chairman of the board of directors. Mcebisi is the former Deputy Minister of Finance in South Africa. They announced the establishment of an advisory board, following recent regulatory agreements with the Nigerian government.
MTN Nigeria contributes the largest share of MTN Group’s market share. It accounts for over 67 million customers and 35% of the total number of subscribers. MTN Group has also increased Nigerian ownership in the company from 20% to 35%.
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