— At exactly 2.30pm, when the stock market closed on Thursday, MTN Nigeria’s chairperson Pascal Dozie and Ferdi Moolman, MTN Nigeria’s CEO, excitedly clanged metal sticks on a gong on the crowded trade floor at the Nigerian Stock Exchange building. The room, filled with brokers in their maroon jackets, erupted in celebration.
“The last time we had any major listings was in the early 2000s and it was the government that stimulated those listings,” says Ugo Obi-Chukwu, founder of leading financial literacy website, . “By listing MTN shares on the stock market, NSE market capitalisation has jumped by about ₦1.8-trillion and has opened the gated for more mega-corporations to list.”
The company’s shares were hammered last September after it was again slapped with a $2-billion dollar bill in back taxes by Nigeria’s attorney general. That event sent its stocks to plummet to an all-timeBarely a week earlier, Nigeria’s central bank ordered it to pay back $8.1-billion - money it said MTN and its lenders illegally repatriated to its South African headquarters between 2007 and 2015.
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