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Finance

Nigeria: MTN to postpone listing on NSE till 2018

Friday, 20 January 2017 11:48

(Ecofin Agency) - MTN Group has said it may postpone plans to list its operation on the Nigerian Stock Exchange (NSE) until 2018, as it is making efforts to resolve a regulatory dispute and awaits an economic recovery.

It’s a work in progress and hopefully within the 12 to 18 month period, we will be able to do it. Regulatory issues need to be resolved, and the macro conditions need to have improved,’’ Phuthuma Nhleko (photo), MTN Chairman and Acting Chief Executive Officer, told Fin24.

2016 was a very difficult year for Africa’s largest wireless carrier as the Nigerian government asked it to pay a heavy fine for refusing to deactivate 5.1 million unregistered SIM cards. As a matter of fact, the group’s listing on NSE is one of the measures imposed on the firm in settling the $1 billion fine. It said in July that the listing would take place in 2017, depending on market conditions.

We’ve always intended to list - we have reaffirmed that with the government. Clearly, we can only list when the conditions are conducive,” Nhleko added.

Anita Fatunji





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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