Business Maverick: Can MTN Nigeria change the political optics through its local listing?

MTN Nigeria’s listing on the local exchange is both cautious but it promises much. It is a listing “by introduction” which means it is simply putting shares that were in the private realm onto a public market; there is no new issue of shares, there is no capital raising process and there is no placement process.

There are several ways it could do that, including a public offering not just of the Nigerian business but of the group as a whole. An MTN spokesperson Karen Byamugisha said MTN Group has also previously mentioned that it intends doing a public offering at a later stage “when market conditions are more conducive”. So this is probably only the first step.

There will be no direct link between the MTN Nigeria share price and the group share price; the local company will trade according to its own performance metrics. These would have been very good if it weren’t for the fact that the company keeps getting hit by regulatory fines most of which are dubiously founded.

In his public announcement, Moolman laid on the compliments with a trowel. “We appreciate the continued support afforded us by the government, regulators and people of this great nation”.

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