SEC Finally Approves MTN Listing

• SEC Finally Approves MTN Listing

The Security & Exchange Commission, SEC, has approved MTN to be listed on the Nigerian Stock Exchange (NSE).

The acting Director General of the securities and exchanges commission, May Uduk, on Monday stated that SEC had received an application from MTN for the registration of “its existing shares.”

The approval means the shares held by Nigerians in MTN can now be listed on the local stock exchange market by introduction.

“MTN is seeking to come to the market by way of an introduction and has asked SEC for an approval to register its existing shares. This is not a complicated process at all and if the documentation submitted by MTN is complete SEC should be able to grant approval for this application within 24-48 hours”, the SEC Director General stated.

This means interested Nigerian investors will have to wait as the telecommunication giant is not presently looking to raise fund until it resolves a $2 billion claims brought against it by the attorney general.

It should be recalled that the telecommunication giant applied to SEC for listing on the Nigerian Stock Exchange on Friday, the same day it appointed Emir Lamido Sanusi as a non-executive director of the company’s board.