The Securities and Exchange Commission (SEC) has approved the long-awaited registration of MTN Nigeria Communications Limited in the Nigerian Stock Market.
The Commission’s spokesperson, Efe Ebelo, confirmed Wednesday’s approval of the request in a statement in Abuja.
Ms. Ebelo quoted SEC’s acting Director-General, Mary Uduk, as saying that “MTN was seeking an introduction to the capital market.”
She said last week the subsidiary of the South African telecom company wrote to the SEC requesting approval to register its existing shares / securities.
“That approval was granted now,” Ms Uduk said in Abuja on Wednesday.
“This is another indication of the SEC’s determination to work with businesses interested in the capital market. We believe this will also encourage the marketing of other service providers,” said the acting DG.
Since 2013, the issue of MTN’s participation in the Nigerian capital market has continued.
Although MTN is reputed to be the first GSM licensee in Nigeria, it has refused to implement regulatory directives from the Nigerian Communications Commission (NCC) for adoption per second billing and was been sanctioned.
As part of the terms of settlement was its offer to enlist as a demonstration of the country’s economy’s development and growth in the Nigerian stock market.
