MTN Nigeria Applies to SEC to List on NSE

• MTN Nigeria Applies to SEC to List on NSE

MTN Nigeria has officially applied to the Nigerian Securities & Exchange Commission for permission to commence the much-awaited listing of its shares on the Nigerian Stock Exchange, two people familiar with the matter stated.

Africa’s biggest telecommunication company with 52.3 million subscribers in Nigeria as at 2017 was mandated to join Nigerian listed companies after getting in trouble with regulators in 2018.

“What they applied for is registration for listing, that is just to convert to a publicly quoted company where, for now, private shareholders can dispose of their shares at the exchange,” said a Nigerian Securities and Exchange Commission official, speaking on condition of anonymity.

Last week, MTN Nigeria announced it has converted from a limited liability company to a public liability company ahead of its listing.

The company plans to list the Nigerian unit without raising any money from investors, and has said it would simplify its capital structure before listing on the Nigerian Stock Exchange.