How to buy MTN stocks on NGX: A step-by-step guide

MTN Group recently announced the sale of 575 million shares in Nigeria but the technicalities around investing in listed companies on the Nigeria Exchange Group (NXG) could be a turn-off for many investors, especially new entrants, BusinessDay findings have shown.

The telco giant plans to sell 90 per cent of its public offering to retail investors. With the move by the second most capitalised company on the Exchange, it is allowing individual investors to have a stake in one of the country’s most profitable businesses at an attractive entry price.

MTN Nigeria’s public offer, which is the first to be delivered digitally in Nigeria, is being sold to retail investors at N169 per share. The offer is the first from MTN since the 2019 listing on NGX.

With a current market value of over N3.6 trillion ($8.7 billion), as of September 2021, MTN Nigeria is one of the top two most valuable companies in Nigeria, and market analysts believe it has a more promising future.

MTN is Nigeria’s biggest telecoms player controlling the largest share of the mobile market with over 38.41 percent market share, according to the October 2021 data from the Nigerian Communication Commission (NCC).

Below is how potential investors can tap into the public offer and buy a stake in Africa’s largest telecom company.

Primary Offer

The best channel to buy the shares, according to the company, is the Primary Offer mobile app by the Nigerian Exchange Group.

Available on Apple and Android devices, MTN seeks to take advantage of digital integration to ensure substantial participation from investors across Africa’s most populous nation.

After downloading the app, a potential investor is required to insert their Bank Verification Number (BVN) and date of birth to register and get started.

“Don’t fret; the App is very secure, and your information is safe,” the mobile service provider said.

After setting up an account, a user is expected to receive a six-digit verification code via email. Once the code is inputted in the app, the account will be ready to start trading.

On the App, a potential investor will find the MTN Public Offer on their dashboard. They can proceed to buy the shares.

They can click on the offer to read more and proceed to buy. They can do this after reading and accepting the terms and conditions.

The investor will be required to indicate the number of units they would like to buy.

Read also: MTN hits first 1trillion naira mark in 9 months

The minimum one can buy is 20 units. Once the investor indicates the number of units, the App will automatically display the cost for the units selected.

For instance, if an investor is buying 200 units of the MTN Public offer selling at N169, the App will display the total amount such an individual is expected to pay – N33,800.

Accept the purchase conditions and proceed to make payment. The investor will be asked to provide their Central Securities Clearing System Plc (CSCS) number. If the investor is yet to obtain one, the App will prompt such an individual to create a CSCS account number before they can proceed.

After submitting the completed application on the Primary Offer App, the investor will receive a confirmation email. The platform will also provide a copy of the application form and evidence of payment.


The MTN shares can also be purchased through licensed Receiving Agents – Issuing Houses, Stockbrokers, and Banks.

A potential investor can visit any of their offices, obtain the application form, submit the completed Application Form and make payment to a Receiving Agent.

Once the receiving agent confirms payment for the number of shares applied for, an acknowledgment copy of the Application Form will be issued.

Under this method, an investor will, however, need to keep a copy of the completed application form and proof of payment for records and tracking purposes.

After the closure of the Offer, such an investor will be allocated their shares and will become a shareholder with one of Nigeria’s most valuable companies.

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