MTN listing on NSE will boost Nigerian economy ― BMO

The Buhari Media Organisation has said the willingness of the MTN Nigeria Communications Plc to transform from a private company to a publicly traded company will enhance both domestic and international investors’ confidence in the Nigerian stock market.
According to the BMO, the decision by MTN to free up to 35 per cent of its shareholdings to Nigerian investors through a listing on the Nigerian Stock Exchange is a welcome development.

The group disclosed this in a statement signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, in Abuja on Monday.

The statement read in part, “This will not only empower domestic investors but will enhance the robustness of the NSE, create new telecoms asset class and catalyse a telecom index for direct participation by investors in Nigeria.”

The pro-Buhari group noted that Nigeria was undoubtedly the largest telecommunications market in Africa and had continuously rewarded MTN with higher returns than any of its operational jurisdictions across the globe.

They said despite some regulatory sanctions, MTN recorded a 17.2 per cent growth in 2018, adding that it was commendable that the company had decided to share its prosperity with Nigerians.

“By its recent transformation of its corporate nomenclature to MTN Plc, preparatory to being listed on the Nigerian Stock Exchange, MTN has not only shown commitment to the localisation of the markets it operates in, but it has also reaffirmed its long-term dedication to expanding investment opportunities to Nigerians.

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