The Nigerian Stock Exchange (NSE) is working with MTN to list the company’s local arm by the end of 2017, Reuters reported.
Speaking at a business conference yesterday, NSE CEO Oscar Onyema said the “pressure on MTN has never been higher to list,” adding the company was working with officials to confirm the details, the news outlet reported.
MTN is Nigeria’s largest telecoms operator, but faced numerous issues with the country’s authorities during the past two years, leading to revelations directors were discussing quitting the market if the “endless hostilities” it faced continued.
The company voiced its intent to list its Nigerian business in June, following an agreement to pay a reduced fine of $1.67 billion to the country’s Government to settle a long-running row related to unregistered SIM cards. Three months later the company was accused by officials of illegally transferring almost $14 billion out of Nigeria over the course of ten years, allegations strongly denied by the operator.
Despite these problems, MTN Nigeria looks set to list this year, subject to “market conditions”. The company appointed Stanbic IBTC Capital, Standard Bank of South Africa and Standard Advisory London, and Citigroup Global Markets, as joint transaction advisors and global coordinators.