SEC approves MTN’s application to be registered in capital market

MTN
MTN Nigeria

The long awaited registration of MTN Nigeria Communications Limited in the Nigerian Stock Market has been approved by the Securities and Exchange Commission (SEC).

The spokesperson of the Commission, Efe Ebelo, confirmed the approval of the application in a statement in Abuja on Wednesday.

Mrs Ebelo quoted the acting Director General of SEC, Mary Uduk, as saying that ”MTN sought to come to the capital market by an introduction.”

She said the South African telecom firm’s subsidiary had written to the SEC last week requesting for approval to register its existing shares/securities.

“That approval has now been granted,” Ms Uduk said on Wednesday in Abuja.

“This is a further indication of the determination by the the SEC to work with companies that are interested in the capital market. We believe that this will also encourage other service providers to come to the market, ” the acting DG said.

The issue of MTN enlisting its shares in the Nigerian capital market has lingered since 2013.

Although MTN is reputed to be Nigeria’s first GSM licensee, it refused to carry out regulatory directives from the Nigerian Communications Commission (NCC) to adopt per second billing and was sanctioned.

As part of the terms of settlement was its offer to enlist in the Nigerian Stock Market as a demonstration to the development and growth of the country’s economy.

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