• Saturday, July 20, 2024
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BusinessDay

MTN applies to SEC to list shares on the Nigerian stock exchange

MTN closes in on Dangote Cement for most capitalised stock

MTN has formally asked the Nigerian Securities & Exchange Commission for permission to proceed with the much awaited listing of its shares, according to two people familiar with the matter.

The company, Africa’s biggest mobile-phone company by subscribers, applied to the Abuja-based SEC for a registration of shares and a listing on the Nigerian Stock Exchange, said the people who asked not to be identified because they’re not authorized to speak publicly about the matter.

MTN appointed former Nigeria central bank Governor Lamido Sanusi to its board on Friday as part of the preparation for the listing and after the conversion of its Nigerian unit into a public company last week.

The listing in Africa’s most populous nation is a condition of the settlement of a $1 billion regulatory fine three years ago.

MTN will become the single largest entity traded on the exchange and the IPO will significantly deepen the market according to traders.