Nigerian stand-off threatens MTN listing
Publish date: 10 September 2018
Issue Number: 790
Diary: IBA Legalbrief Africa
The future of MTN's proposed listing on the Nigerian Stock Exchange remains uncertain, as tension between the company and regulatory authorities continues to escalate. As previously reported in Legalbrief Today, the listing formed part of the settlement of a fine by the Nigerian authorities two years ago that had threatened the future of Africa's biggest mobile operator. A BusinessLIVE report notes that MTN faced one of the world's largest corporate fines after failing to disconnect unregistered subscribers, but managed to reduce it from more than $5bn to $1.7bn, promising to list its Nigerian business on the bourse. However, growing tension between the authorities and the company threatens to derail the listing. Alan Pullinger, Group CEO of FirstRand, said the listing was ‘probably going to be delayed, maybe for a long time’. ‘We were very hopeful that we were going to be listing a great business, but you can see now obviously it's a lot more difficult and complicated, so I'm not sure how it's going to unfold,’ he said.