Categories: BusinessOn the Go

NCC: MTN must complete NSE listing by May 2019

The Nigerian Communications Commission (NCC) says MTN, a telecommunications company, must complete its listing on the Nigerian Stock Exchange by May 2019.

Speaking during an interactive session with journalists on Wednesday, Umar Danbatta, NCC executive vice chairman, said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.

A listing on the stock exchange had been one of the conditions reached by the NCC and MTN for the settlement of the fine imposed on the company in 2015.

The company was fined for not disconnecting unregistered sim cards.

“There are issues but let me say we are almost done with sorting out those issues,” he said.

“We are presently conducting another round of due diligence on Teleology: to examine and consequently determine whether they really have the technical wherewithal to run the company effectively; and whether they really have the financial capability to run well and so on.”

Danbatta said Teleology had paid the initial $50 million for 9mobile and now has less than 90 days to pay $450 million or lose their spot to Smile Communications, which was picked as the reserved bidder.

In April, Rob Shuter, MTN chief executive officer, said the company will complete its listing on the bourse in 2018 if the conditions are right.

Recent Posts

  • On the Go
  • Top Stories

FG: We have no hands in El-Zakzaky’s trial

The federal government says it is not involved in the ongoing trial of Ibrahim El-Zakzaky, leader of the Islamic Movement…

7 mins ago
  • On the Go
  • Top Stories

Two farmers shot dead as Boko Haram raids Chibok

Two farmers have been shot dead by suspected Boko Haram insurgents in Kautikari village, Chibok local government area of Borno…

20 mins ago
  • Your Say

The implication of server controversy on Bayelsa, Kogi elections

BY MOSHOOD ISAH Barely four months to the governorship elections in Bayelsa and Kogi states and with the controversy of…

53 mins ago
  • On the Go
  • Top Stories

Journalism under threat, Buhari laments

President Muhammadu Buhari says the spread of fake news poses a threat to journalism. Speaking when he hosted the board…

1 hour ago
  • On the Go
  • Top Stories

Atiku, PDP close case at tribunal – after calling 62 witnesses

The Peoples Democratic Party (PDP) and Atiku Abubakar, its presidential candidate, have closed their case at the presidential election petitions…

1 hour ago