MTN Lists in Nigeria

MTN Nigeria Communications has listed on the Nigerian Stock Exchange (NSE) in a floatation valued at N2 trillion, or $6.54 billion. It is now the second-largest stock by market value on the NSE after Dangote Cement. The company is the Nigerian arm of the South African MTN Group, which holds 78.8% of the business.

Shares listed at 90 naira rose 10% after the float went live. According to MTN Nigeria Chief Executive Ferdi Moolman the company intends to pursue another public offer in the future.

However, the firm has been in a long-standing dispute with the authorities regarding a $2 billion tax bill, which it is challenging in court. It also previously faced a $5 billion fine after it was accused of failing to disconnect unregistered SIM cards in 2015, in the end settling to pay the federal government $1.6 billion along with meeting several conditions including agreeing to a listing.

MTN has over 52 million subscribers in Nigeria.