SEC Approves MTN’s 20.35b Ordinary Shares On NSE

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MTN
MTN

The Securities and Exchange Commission (SEC), has approved the application by MTN Nigeria to list on the Nigerian Stock Exchange by way of introduction.

This was confirmed by the Head, Corporate Communication, SEC, Efe Ebelo on Wednesday.

Ebelo said the commission approved the listing after MTN had successfully completed the registration of 20,354,513,050 billion ordinary shares of N0.02 kobo.

“The Securities and Exchange Commission, SEC can confirm that the application by MTN Nigeria to list on the Nigerian Stock Exchange by way of introduction has been approved.”

According to Acting Director-General of SEC, Ms. Mary Uduk, “MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted”.

The statement informed that SEC had received an application from MTN requesting registration of their existing securities.

Meanwhile, Nigeria’s telecoms giant, MTN has appointed a former Central Bank governor and current Emir of Kano, Muhammadu Sanusi as a Non-Executive Director effective July 1, 2019.

The appointment of the Emir is part of a board room shake-up at Africa’s biggest wireless carrier, which will also see the on-boarding of South Africa’s former deputy finance minister Mcebisi Jonas as a new group chairman.

In Nigeria, the appointment of the vocal former CBN chief Sanusi comes as MTN prepares to list its local unit on the Nigerian stock exchange, a condition of the settlement of a $1 bn regulatory action three years ago.

MTN also announced a separate board of prominent people to advise on broader African issues, which will be headed by former South African president Thabo Mbeki and includes John Kufuor, a former president of Ghana.

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