EFCC probes MTN’s listing on stock exchange

MTN Nigeria yesterday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over the listing of its shares on the Nigerian Stock Exchange (NSE).

In a statement posted on the exchange web site by MTN Nigeria Communications, Company Secretary, Uto Ukpanah, confirmed the investigation.

The statement said the company received a letter on May 23 from EFCC requesting information and documentation related to the listing of its shares on the NSE.

“MTN Nigeria has not been accused of any wrongdoing by the EFCC. We wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly confirmed by NSE and the Securities and Exchange Commission (SEC).

“As a law-abiding and responsible corporate citizen, we are cooperating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” said the statement.

According to the News Agency of Nigeria (NAN), there have been reports of scarcity of MTN’s shares after its listing, amid allegations of price manipulation.

Some minority shareholders had decried the inability of retail investors to have access to the shares since May 16 after the listing.

They accused capital market regulators of conniving with MTN Nigeria Communications to allegedly manipulate the performance of the share price at the exchange.

They said that the MTN Nigeria did not meet the free float of 20 per cent before listing.