The Securities and Exchange Commission (SEC), has informed the general public that it did not involve the Economic and Financial Crimes Commission (EFCC) in the investigation relating to the listing of MTN Nigeria Communications Plc’s shares on the Nigerian Stock Exchange (NSE).
Precautionary measures: The Commission stated yesterday, that its investigators are competent enough to handle the matter. The Commission also disclosed that it would take precautionary measures while handling the case, bearing in mind the global impacts on local shareholders and foreign investors.
“We (SEC) are investigating the matter thoroughly. We are going through all the transactions, each and every crossing, and would base our findings on the facts and the law.
“If there is any infraction(s), the matter would be directed to the Investment and Securities Tribunal (IST) which is a superior court under the jurisdiction of the Supreme Court of Nigeria: we will prosecute whoever is found wanting or apply the necessary sanction if such a case is established by the facts.
“So, this is not a law enforcement or police issue , that is why we never invited the EFCC. The IST is like a court of coordinate jurisdiction and so we couldn’t have invited the EFCC. SEC has the competence and capability to handle this under the law.”
EFCC’s Involvement: There were media reports that the EFCC was involved in the investigation by SEC, and that they raided MTN‘s head office in Falomo, Victoria Island.
MTN had since cleared the rumours, insisting that it was rather it was a visit, and that they are co-operating with the EFCC by providing all necessary information as regards the listing of the telecoms company’s shares on the NSE.
Effects of the Ongoing Probe: Nairametrics reported, yesterday, that MTN‘s shares declined further by 7.41% as investors cut down on demand as a result of the ongoing investigation on the telecom company. Yesterday’s loss marked the second time for the company which, prior to the latest scandal, was the toast of the stock market.
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