The Nigerian Communications Commission (NCC) has given MTN Nigeria until May 2019 to list on the Nigerian Stock Exchange.
Umar Danbatta, Executive Vice Chairman of the NCC, said listing of the company’s operations on the local bourse was among the terms and conditions negotiated in 2015 following the industry-record fine imposed on the operator for violating a directive to disconnect irregularly registered GSM lines.
In May 2018, ITWeb Africa reported that the listing would increase the Nigerian stock market’s capitalisation to approximately US$10 billion.
A month earlier the MTN Group announced Chapel Hill Denham as lead manager for the initial IPO, and South Africa’s Rand Merchant Bank, global firm Renaissance Capital and Nigeria’s Vetiva Capital as joint issuers.
The operator is yet to issue an official response to the regulator’s local listing deadline announcement.
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