MTN may list in Nigeria only in 2018 as it tackles claim of corruption
A Nigerian senator has alleged that the telecommunication company illegally moved $14bn out of the country
Davos/Johannesburg — MTN may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. "It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,’’ MTN chairman and acting CEO Phuthuma Nhleko said at the annual meeting of the World Economic Forum in Davos, Switzerland. "Regulatory issues need to be resolved, and the macro conditions need to have improved." MTN agreed to list the unit in Nigeria as part of the settlement of a 330-billion naira ($1bn) fine imposed by the government for missing a deadline to disconnect unregistered subscribers. It said in July that the listing would take place in 2017, subject to market conditions. Since then, a senator’s allegations that it illegally moved $14bn out of the country has threatened to delay the process. The Nigerian Stock Exchange all share index was the ...
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