MTN Group plans to raise about $500m from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter. Standard Bank and Citigroup have been advising Africa’s largest cellphone company on the disposal of as much as 30% of the Lagos-based unit on the Nigerian Stock Exchange, said the people, who asked not to be identified as the details are not public. Most of the shares would be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process was a success, one of the people said. Discussions were ongoing and a final decision had not been made, they said. Spokespeople for MTN and Citigroup in Johannesburg did not comment. Standard Bank did not immediately respond to calls seeking comment. MTN agreed to list the Nigerian unit as part of a June 2016 agreement to pay a $1bn fine for miss...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now