Financial expert and Head of FSDH Research, Mr Ayodele Akinwumi, has described the proposed listing of MTN on the Nigerian Stock Exchange as a welcome development, while urging the Federal Government to persuade other multinationals like Shell, Total Upstream and Exxon Mobil to also list on the NSE.
Akinwumi, who canvassed this position while fielding questions at a monthly media briefing at the weekend, said the stock exchange of a nation should reflect the performance of the economy but unfortunately, we don’t have such.
News filtered in at the weekend that South Africa’s telecoms group MTN aims to list its Nigerian unit on the Nigerian Stock Exchange during the first half of 2019 without raising new money from investors immediately.
Akinwumi said: “Maybe on account of policy omission by our economic managers because in other countries, once you attain a certain revenue size, they would insist you list your shares. That is what we have seen with Total, Facebook, Amazon et cetera.
He said the growth of the capital market has a positive correlation with the growth of the economy in terms of provision for long term capital for the country.