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Firm asks SEC to stop MTN from listing shares on stock market | The Guardian Nigeria News - Nigeria and World News

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Law firm tells Securities and Exchange Commission to immediately stop telecoms firm, MTN, from listing its shares on the Nigerian stock market. SEC MTN NSE Nigeria

The law firm, in a letter dated March 18, 2019 stated that MTN cannot list its shares on the Nigeria stock market due to an ongoing suit before the Supreme Court over the massive divestment of its assets.

“We consider the move by MTN as unfair, misleading, and calculated attempt as usual to defraud the Nigerian economy and the Nigerian investing public. “Please be advised that under the Nigerian law and jurisprudence, MTN cannot disrespect the Supreme Court by interfering with the subject matter of litigation before the apex court in the land.”

Mekwunye claimed at the lower court that MTN through its appointed nominee, Stanbic IBTC Asset Management and LOTUS Capital defaulted in a share investment agreement with him.He urged the court then, to restrain MTN from listing its shares on the stock market pending the determination of the suit.

 

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