Nigeria’s Securities and Exchange Commission (SEC) has revealed that MTN Nigeria has yet to file an application for its planned initial public offering (IPO), reports Reuters. ‘Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,’ the regulator said, following local reports that the mobile market leader was ready for its shares to be listed. The firm, which is a subsidiary of South Africa-based MTN Group, also needs to convert itself from a private to a public company before it can then sell its shares.
MTN Nigeria revealed in July 2016 that it planned to list its shares on the Nigerian Stock Exchange (NSE), subject to suitable market conditions. The IPO forms part of a settlement arrangement with the Nigerian government regarding a NGN330 billion (USD913 million) fine handed to the country’s largest cellco by subscribers in October 2015 for missing a deadline to disconnect around 5.1 million incompletely registered SIM cards.