BREAKING: EFCC investigates MTN over listing on NSE

From left: National Council Member, Nigerian Stock Exchange (NSE), Mrs. Erelu Angela Adebayo; Ex-Officio, NSE, Mr.. Aigboje Aig-Imoukhuede; Chief Executive Officer, NSE, Mr. Oscar Onyema; Chief Executive Officer, MTN Nigeria Communication Plc, Mr. Ferdi Moolman; Chairman, MTN Nigeria Communication Plc, Dr. Pascal Dozie; Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun;; SAN, First Vice President, NSE, Mr. Abubakar Balarabe Mahmoud; and Director, MTN Nigeria Communication Plc, Mr. Gbenga Oyebode; during the Listing of MTN Nigeria Communications Plc on the Premium Board of The Exchange in Lagos, recently.

MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over listing of its shares on the Nigerian Stock Exchange (NSE).

A statement posted on the exchange web site signed by MTN Nigeria Communications, Company Secretary, Uto Ukpanah confirmed the investigation.


The statement said that the company received a letter on May 23, from EFCC requesting information and documentation related to the listing of its shares on the NSE.

“MTN Nigeria has not been accused of any wrong doing by the EFCC.

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

“As a law abiding and responsible corporate citizen, we 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,” said the statement.

The News Agency of Nigeria (NAN) reports that there have been reports of scarcity of the shares since its listing, which resulted to alleged price manipulation.

Consequently, some minority shareholders had decried the inability of retail investors to have access to the shares since May 16 after the listing.

They accused capital market regulators of conniving with MTN Nigeria Communications to allegedly manipulate the performance of the share price at the exchange.

They said that the MTN Nigeria did not meet the free float of 20 per cent before listing.

Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN), in an interview with NAN described the listing as “a fraudulent game.”

“Our conclusion as shareholders is that they have come to play us a game which is not far from fraudulent game, the nominal value of MTN shares is not certain.

“These are areas I think SEC should ask NSE questions rather than the issue of gifts sharing at AGMS and ban of pre-AGM.

“We are not certain of MTN, up till now no prospective shareholder can tell you this is what MTN Nigeria stands for,” Nwosu said.

He said that the exchange had set a bad precedent in the market by allowing some companies to list without meeting the free float requirement thereby cresting a bad image.

But the NSE recently said that the total number of MTN shares in the hands of over 700 Nigerians, who are not promoters, controlling interests, directors, that were unbundled upon listing was about 1.8 billion.


Download Daily Trust News App

Get it on Google Play
Share this article

Dear Esteemed reader,

As part of our drive to keep improving the content of our newspaper, we are conducting a readership survey to enable us serve you better

Kindly take two minutes of your time to fill in this questionnaire.

Thank you for your time.

Join us on

Share your story with us: 08189301900 (Whatsapp and SMS only) Email:

Complain about a story or Report an error and/or correction: +2348189301900

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.