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MTN laments as EFCC probes it for manipulation of shares

May 28, 2019

MTN Nigeria has lamented that it is currently experiencing an investigation in the hands of the Economic and Financial Crimes Commission (EFCC) over an allegation bothering on manipulation of its share that was recently listed on the Nigerian Stock Exchange (NSE).

The telecommunications company on Saturday, in a statement signed by its secretary, Uto Ukpanah, confirmed the situation.

The company in the statement revealed that EFCC had already requested for some information relating to the May 16 listing.
Going further, MTN said it obtained all the necessary regulatory approvals before it commenced trading the stock.

“We wish to reiterate that we received all regulatory approvals required to list on the Nigerian Stock Exchange as publicly confirmed by the NSE Securities and Exchange Commission,” part of the statement read.

Recall that MTN’s head office in Lagos was raided on Friday by some officials of the EFFC.

The telecoms company has been embroiled in legal and regulatory issues in the past three years in Nigeria, which is its largest market in Africa.

The listing on the NSE was a condition of a settlement reached with the Nigerian Communications Commission in 2016 over failure to disconnect SIM cards of unregistered subscribers as directed by the commission.

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