MTN's Nigeria listing: View from the stock exchange floor in Lagos | Business | M&G

— 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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MTN Nigeria eyes debt and equity sale after stock market listingNigeria, MTN’s biggest market with 52.3 million users in 2017, accounts for a third of the South African group’s annual core profit, but it has faced problems in the country in recent years.
Source: ewnupdates - 🏆 30. / 53 Read more »

Business Maverick: Can MTN Nigeria change the political optics through its local listing?MTN Nigeria is listing on the Nigerian Stock Exchange on Thursday, signalling a major shift in its approach toward its ongoing problems in its second largest market. It will become effective the second largest stock on the exchange with an opening value of around $5-billion, but whether this will be enough to satisfy Nigeria's rapacious regulators and populist politicians remains an open question.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »