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MTN Nigeria Resumes Listing Discussions With SEC, NSE

There are strong indication that telecommunication firm (MTN), may finally actualise its desire to list its shares on the floor of The Nigerian Stock Exchange (NSE), as the Securities and Exchange Commission (SEC) has confirmed that discussions are at top gear in this regard.

Mounir Gwarzo, Director General of SEC disclosed this at the Second Quarter Capital Market Committee (CMC) Meeting press briefing in Lagos yesterday.

He said conversation is now back again on how MTN shares will be listed on the Exchange.

His words: We are speaking on what we think are appropriate. We are talking to know if they are going to do it though electronic means or not. I believe they are still interested in listing on the Exchange and very soon this will be done”.

Last month, , Nikiwe Tsaagane, while on a courtesy visit to Ogbonnaya Onu, Minister of Science and Technology, said the efforts to list on the NSE would help to fast-track improvement in the Nigerian economy.

“It is going to offer important role in capital market as it will be one of the largest transactions in Africa. This will showcase Nigeria in the global economy if we can achieve it.“The transaction is structured by ensuring that it’s data based and inclusive as we ensure that our Nigerian customers are able to participate,” he said.

“So we are working with the Nigeria Stock Exchange to develop application platform to make our customers to be able to apply online.

“Here will be first place of doing such digital application,“ he added.

He said the Nigerian Communication Commission and the Nigeria Stock Exchange among others were fully in support of the plan.

The general manager said MTN would like to partner with the ministry to enjoy its know-how leadership.

“We will ensure that all the stakeholders in different sectors will be incorporated and it is important to obtain your input, support and guidance,” he said.

Speaking on the operations of capital market operators, Gwarzo said that the commission is providing an enabling environment for them to operate well.

He said that is why rules and regulations are provided, saying: “The law operate all capital market operators to be registered by SEC and the law mandate that there are certain requirement that capital market operators must have and this has resulted to the relocation of our registration outlet from Abuja to Lagos, given the fact that over 90 per cent registered operators domicile in Lagos.”

He added that, “Our desire is to see we have a complete data base of all registered operators and we have made a significant progress having a complete data base of 421 capital market operators and our desire is that every registered capital operator has a complete data base so that they compile fully with the law.”

In order to strengthen Nigerian capital market further, the SEC DG expressed dissatisfaction over trading of unquoted equities on unrecognised trading platform, stressing that the commission will no longer accept sales of shares outside recognised trading platform.

Gwarzo said the CMC discussed to encourage the company secretaries that are not listed to trade their shares on recognised trading platform, saying “our rules stated that no share of public company either listed or unlisted should be trading outside the registered trading floor of SEC, it is an offence for those shares to be exchange outside a recognised platform.

Independent

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