After a series of unfortunate events, last year, which cast doubt over MTN Nigeria’s planned listing on the Nigerian Stock Exchange, the company recently confirmed that the exercise will be happening this year after all; albeit by way of introduction in June 2019.
Following this confirmation which was given by the President and CEO of MTN Group Limited, there have been many reactions.
Now, while a lot of people are definitely excited about the prospects of the planned listing, some others are not as excited.
Speaking to the News Agency of Nigeria, NAN, the Co-founder of Nigeria Shareholders Solidarity Association, Mr Gbadebo Olatokunbo, said there was nothing to be excited about the MTN listing.
According to him, the company’s constant run-ins with the Nigerian authorities should be a source of concern to the investing public.
“MTN is not good in my view in their dealing with the regulatory agencies.
“Each time they will violate our rules and when caught, they will deny it and later apologise, such actions mean a lot in terms of corporate behaviour.
“As an investment entity, it will be a good investment but investors need to ‘shine their eyes,’ when they deal with a company like MTN.”
Speaking further on MTN’s constant infractions, Mr Olatokunbo said the authorities are also to be blamed over their failure to adequately regulate the telecommunications industry.
Meanwhile, Publicity Secretary of the Independent Shareholders Association of Nigeria, PSAN, Mr Moses Igbrude, has stated that the planned listing by MTN Nigeria, is a good development for investors in the Nigerian market.
“Let us hope that our assumption that MTN is a viable and profitable company is a reality when they eventually come to the market.
“When most big companies go public, one will be shocked and surprised to see bloated volume of shares with some of them declaring losses.”
MTN Nigeria’s listing on the Nigerian Stock Exchange is part of a settlement agreement for a 2015 offence committed by the leading telco, over its failure to duly register it’s subscribers as required by the law.
Since the 2015 infraction, the company has been embroiled in a number of other scandals, including the recent ones involving alleged illegal repatriation of funds, and unpaid back taxes.
