Nigeria’s securities regulator has approved South African telecoms firm MTN’s listing application for its $5 billion Nigerian unit.
MTN Nigeria registered more than 20 billion shares before the planned listing in the West African country, MTN’s biggest market with 58 million users in 2018 and accounting for a third of the group’s annual core profit.
“MTN sought to come to the market by way of an introduction and they wrote to the SEC (Securities and Exchange Commission) last week requesting for approval to register its existing shares,” the regulator said in a statement on Wednesday.
“That approval has now been granted.”
MTN has faced challenges in Nigeria, ranging from a tax demand to a fine over unregistered SIM cards.
It had said in 2016 it planned to list its local unit on the Nigerian Stock Exchange after agreeing to pay a $1.7 billion fine to settle the SIM card dispute with the government.
MTN previously said it planned to list in the first half of 2019.
Latest Stories
-
Ghana shouldn’t have experienced any ‘dumsor’ after 2017 – IES Boss
40 mins -
Lamens flouted some food safety laws in re-bagging rice – Former FDA Boss Alhaji Hudu Mogtari
1 hour -
Afcon exit: Our issue is administrative failure and mismanagement, not lack of talent – Saddick Adams
2 hours -
WAPCo to commence major pipeline maintenance and inspection from November 25
2 hours -
CEO of Oro Oil Ghana Limited Maxwell Commey listed among the 100 Most Influential People Awards, 2024
2 hours -
Power crisis: Amandi is off due to maintenance, not debt – ECG Boss
2 hours -
Votes cast for late Akua Donkor to be declared invalid – Electoral Commission
2 hours -
You can’t keep “incompetent” Otto Addo for the long term – Countryman Songo
3 hours -
Joy FM holds 2024 Prayer Summit for Peace
3 hours -
Lady sues Police and AG over assault in custody
4 hours -
Ghana’s railway sector has been revived under my leadership – Akufo-Addo
4 hours -
Next government must enforce C190 – Women Economic Dialogue Forum
4 hours -
NCCE engages party youth activists at Nandom on peaceful election
4 hours -
SSNIT engages stakeholders on its operations
4 hours -
Defilement: 19-year-old farmer jailed ten years, with hard labour
4 hours