Business
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
-
Football3 days agoXabi Alonso targets Arda Guler as Chelsea prepare €100m transfer bid
-
Business1 week agoNigeria gets 2026 Toyota RAV4 as Toyota-By-CFAO sets Lagos launch date
-
Football3 days agoFIFA confirms Jay-Jay Okocha holds World Cup record
-
Editorial Opinion6 days agoUnder the Uniform: The urgent need for mental health, substance abuse screening for officers
-
Politics3 days agoAmuwo Odofin: Umeadi emerges winner of NDC Reps Primary
-
Aviation3 days agoInside Airport Luggage Theft: Experts warn of rising insider syndicates
-
Latest5 days agoTinubu’s daughter decries alleged irregularities in Lagos APC primaries (Video)
-
Featured7 days agoEx-Police chiefs’ governorship bids spark debate over source of political funding