MTN group to raise $500m from IPO in Nigeria

MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the Nigeria to settle a record fine, according to people familiar with the matter.

The group was reportedly discussing its planned listing in Lagos and its business plan at a board meeting on Wednesday.

 Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but it delayed it due to market conditions.

 Last week, Securities and Exchange Commission (SEC) said it has not received any document from MTN indicating an interest to list on the Nigerian Stock Exchange (NSE)

 MTN Group in South Africa had late last year however reiterated its commitment to list its Nigerian subsidiary on the Nigerian Stock Exchange in the next six months.

 This was as part of the settlement of the $1 billion fine imposed on it in 2015 by the Nigerian Communications Commission (NCC) over the failure by the telecoms