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MTN Nigeria says it faces investigation over shares listing

Since the listing, the stock has jumped 41%.

MTN Nigeria says it’s being investigated by the country’s Economic and Financial Crimes Commission over a listing of shares on the stock exchange.

The Nigerian unit of MTN Group, Africa’s biggest wireless carrier, said in a statement Saturday that it wasn’t accused of any wrongdoing and is cooperating with the investigation.

Read: MTN Nigeria climbs 10% as wireless carrier starts Lagos trading

The South African company listed its shares on the Nigerian Stock Exchange on May 16 to comply with terms of a $1.5 billion settlement in 2015 with the Nigerian Communications Commission over unregistered phone lines on its network.

Since the listing, the stock has jumped 41%, closing at 140 naira per share on Friday, giving the company a market capitalisation of 2.8 trillion naira, second only to Dangote Cement.

The Lagos-based bourse said on May 21 that MTN’s shares weren’t available for buyers and urged the company to provide more of the stock for investors.

MTN is also in court challenging a $2 billion bill for alleged back taxes.

© 2019 Bloomberg L.P

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One simply cannot do business in Nigeria. They are 3 times are population( with similar GDP to SA), have oil, and have had democracy for 30 years more than us( coups, military dictatorships, thug like generals etc) .

The place does not function and the government sees investors as a simple opportunity to steal.

A failed state.

End of comments.

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