MTN Nigeria, the local unit of South Africa’s MTN Group, has announced that it is proceeding with preparations for a listing of its share on the Nigeria Stock Exchange (NSE), which is expected to take place during 2017, subject to suitable market conditions. In June MTN revealed that, as part of a settlement arrangement with the Nigerian government regarding a NGN330 billion (USD1.7 billion) billion fine, it would take immediate steps to ensure the listing of its shares as soon as commercially and legally possible. The mobile market leader says it has now established a management task team with the responsibility to guide the company towards a listing, and has appointed Stanbic IBTC Capital and Citigroup Global Markets as its joint transaction advisors and joint global coordinators.
As previously reported by TeleGeography’s CommsUpdate, MTN Nigeria was initially fined a total of NGN1.04 trillion in October 2015 for failing to disconnect around 5.1 million incompletely registered subscribers. Although the total was cut to NGN780 billion in December, MTN launched legal action against the fine later that month, before withdrawing its lawsuit in February and later agreeing to pay the federal government a total of NGN330 billion over three years.