Nigeria’s largest mobile carrier, MTN said it might abandon its plans to list its shares on the Nigerian Stock Exchange. NSE.
It would be recalled that MTN had agreed with the Nigerian government to list 30% of its shares on the NSE as a result of the renegotiation of the regulatory fine it was given by the National Communications Commission, NCC.
However, it is becoming apparent that MTN is likely to jettison the listing due to various harsh conditions it has been subjected to in the Nigerian operating environment.
Less than a month ago, MTN was ordered to return about $8.1 billion back to Nigeria because of the Central Bank of Nigeria alleged that the funds were illegally transferredmtn ghana to South Africa.
There are also concerns that MTN might not raise up to what it expects from the IPO. It would be recalled that its IPO in Ghana did not fetch up to 60% of the target amount in an atmosphere where operating conditions were better.