EFCC Investigating MTN Nigeria Listing

• EFCC Investigating MTN Nigeria Listing

The inability of local investors to jump on fast-rising MTN Nigeria stock has led to accusation of foul play and possible price manipulation as lack of availability propels the stock to more than 63 percent gain within two weeks.

The media reported on Friday that the Economic and Financial Crimes Commission (EFCC) visited the Corporate Head Office of MTN Nigeria in Lagos to query top officials on the company’s listing and requested for documentation.

MTN Nigeria listed by introduction 20.4 billion ordinary shares at N90 on 16th, May 2019.

Since the listing, the stock of the company has risen to N141 per share despite not issuing an Initial Public Offer (IPO) yet.

The telecommunication giant released a statement on Saturday regarding the EFCC visit to its head office in Victoria Island on Thursday.

The statement titled: “Economic and Financial Crimes Commission (EFCC) Investigation and Information Request” and signed by Uto Ukpanah, the Company Secretary.

Stated: “We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by The Nigerian Stock Exchange and the Securities and Exchange Commission (SEC).

“As a law abiding and responsible corporate citizen, they are cooperating fully with the authorities.

“We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria”, the Statement reads.

The EFCC, however, has not released any statement regarding the matter as at the time of publishing this report.