NSE listing: NCC issues ultimatum to MTN

The Nigerian Communications Commission (NCC) says MTN, a telecommunications company, must complete its listing on the Nigerian Stock Exchange by May 2019.

Speaking during an interactive session with journalists on Wednesday, Umar Danbatta, NCC executive vice chairman, said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.

A listing on the stock exchange had been one of the conditions reached by the NCC and MTN for the settlement of the fine imposed on the company in 2015.

The company was fined for not disconnecting unregistered sim cards.

“There are issues but let me say we are almost done with sorting out those issues,” he said.

“We are presently conducting another round of due diligence on Teleology: to examine and consequently determine whether they really have the technical wherewithal to run the company effectively; and whether they really have the financial capability to run well and so on.”

Danbatta said Teleology had paid the initial $50 million for 9mobile and now has less than 90 days to pay $450 million or lose their spot to Smile Communications, which was picked as the reserved bidder.

In April, Rob Shuter, MTN chief executive officer, said the company will complete its listing on the bourse in 2018 if the conditions are right.