MTN Nigeria not ready for Nigeria listing-SEC


The awaiting Initial Public Offering (IPO) of MTN Nigeria Limited which to believe will increase Nigerian Stock Exchange’s (NSE) value by over 20 percent is surrounded by uncertainty.
The capital market apex regulator, the Securities and Exchange Commission (SEC) in a circular over the weekend said neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding an IPO.
The commission in a circular signed by its management denied publications in some newspaper wherein it was reported that “after 6 weeks delay by SEC, the MTN IPO was set to go”.
According to the SEC, “the commission wishes to categorically state that the information contained in the said publications is false, misleading and without merit.
Additionally, the commission stated that, MTN Nigeria Limited is currently a private company limited by shares.
“Given that there is no application from MTN before the commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.
The commission stated further that it welcomes filings aimed at deepening and broadening the capital market and stands ready to provide the necessary regulatory support adding that If MTN finally files a formal and complete application with the commission, it would be treated with the usual diligence and urgency that is applicable to all such filings.”
The commission reminded all capital market operators of their duty not to furnish information which is false, and misleading in any material particular as the commission would not hesitate to take necessary regulatory actions on any erring market operator.
“The commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market” The circular added.