Telecoms giant plans $500m financing from Nigeria’s stock market

16 February 2018

Telecoms

Stakeholders in the Nigerian capital market have described the move by the telecommunications giant, MTN, to raise about N153 billion ($500 million) from the sale of shares in its Nigerian business during the first half of this year as a positive development.

They said it would deepen the market and encourage the active participation of individual consumers in the company’s wealth creation process.

The telecom firm, which controls about 39 per cent market share, currently service about 57 million customers in Nigeria, at the weekend, pledged to take immediate steps to raise about N153bn ($500m) from the sale of shares in its Nigerian business during the first half of this year

Capital market analyst, operator and Nigerian investors are full of expectations that the sign is a step towards the firms’ overdue listing which market participant had anticipated in the past few years.

The move is to enable the company in fulfilling the terms of a deal struck with the Nigeria to settle a record fine imposed on it in 2016 over SIM registration default. Read the full article on The Guardian here.