Bloomberg/Waldo Swiegers

Markets

Nigeria probes MTN local unit over alleged listing irregularities

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MTN Nigeria Communications stated that Nigeria’s Economic and Financial Crimes Commission has requested certain information and documentation regarding the 16 May listing.

Monday 27, May 2019

(Bloomberg) --MTN Group’s Nigeria listing is being investigated by local authorities, the latest in a series of disputes in the African wireless carrier’s largest market.

MTN Nigeria said that it has not been accused of wrongdoing and received all the necessary regulatory approvals to start trading the stock.

The company’s Lagos head office was raided by the financial crime agency last week in connection with the probe.

While Nigeria is central to MTN’s growth strategy and home to about 60 million of the South African-based company’s subscribers, a string of accusations and legal claims by various authorities have weighed on the carrier’s shares.

The listing on the Nigerian Stock Exchange was itself a condition of a settlement reached with the telecommunications regulator in 2016 over the handling of customers without proper documentation, while MTN is also fighting a claim that it owes $2 billion in back taxes.

TAGS : MTN Group, Nigerian Stock Exchange, MTN Nigeria IPO, Nigeria’s Economic and Financial Crimes Commission

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