MTN Group may finally get to list its Nigerian unit on the Nigerian Stock Exchange (NSE) once the issue over the $3.9 billion fine with the NCC is resolved. This was revealed by its Executive chairman on Thursday.
MTN Group had earlier announced today that it is setting aside a sum of 9.3 billion rand ($600 million) to cover payments for the fine imposed on it by the NCC. NCC was fined $3.9 billion by the NCC for Sim card related breaches and have made a part payment of $251 million.
Over the years, there have been calls for multinational oil, gas and telecommunication companies in Nigeria to list on the stock exchange in order to deepen the capital market and make capital available for investors and create employment. The $3.9 billion fine may have just been a wake up call for MTN to list on the bourse.
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