{"id":66907,"date":"2019-05-25T17:22:35","date_gmt":"2019-05-25T16:22:35","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=66907"},"modified":"2019-05-25T17:22:35","modified_gmt":"2019-05-25T16:22:35","slug":"mtn-under-investigation-after-listing-on-stock-exchange","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/mtn-under-investigation-after-listing-on-stock-exchange\/","title":{"rendered":"MTN Under Investigation After Listing On Stock Exchange"},"content":{"rendered":"<div id=\"m-2825729281513539490\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\">MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over listing of its shares on the Nigerian Stock Exchange (NSE).<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<div dir=\"auto\">\n<p>A statement posted on the exchange web site signed by MTN Nigeria Communications, Company Secretary, Uto Ukpanah confirmed the investigation.<\/p>\n<p>The statement said that the company received a letter on May 23, from EFCC requesting information and documentation related to the listing of our shares on the NSE.<\/p>\n<p>\u201cMTN Nigeria has not been accused of any wrong doing by the EFCC.<\/p>\n<p>\u201cWe wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly confirmed by NSE and the Securities and Exchange Commission (SEC).<\/p>\n<p>\u201cAs a law abiding and responsible corporate citizen, we are cooperating fully with the authorities.<\/p>\n<p>\u201d We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,\u201d said the statement.<\/p>\n<p>The News Agency of Nigeria (NAN) reports that there have been reports of scarcity of the shares since after its listing, which resulted to alleged price manipulation.<\/p>\n<p>Consequently, some minority shareholders had decried the inability of retail investors to have access to the shares since May 16 after the listing.<\/p>\n<p>They accused capital market regulators of conniving with MTN Nigeria Communications to allegedly manipulate the performance of the share price at the exchange.<\/p>\n<p>They said that the MTN Nigeria did not meet the free float of 20 per cent before listing.<\/p>\n<p>Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN), in an interview with NAN described the listing as \u201ca fraudulent game.\u201d<\/p>\n<p>\u201cOur conclusion as shareholders is that they have come to play us a game which is not far from fraudulent game, the nominal value of MTN shares is not certain.<\/p>\n<p>\u201cThese are areas I think SEC should ask NSE questions rather than the issue of gifts sharing at AGMS and ban of pre-AGM.<\/p>\n<p>\u201cWe are not certain of MTN, up till now no prospective shareholder can tell you this is what MTN Nigeria stands for,\u201d Nwosu said.<\/p>\n<p>He said that the exchange had set a bad precedent in the market by allowing some companies to list without meeting the free float requirement thereby cresting a bad image.<\/p>\n<p>But the NSE recently said that the total number of MTN shares in the hands of over 700 Nigerians, who are not promoters, controlling interests, directors, that were unbundled upon listing was about 1.8 billion.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\"><\/div>\n<\/div>\n<div id=\"m-1632341256200700010\" class=\"mail-message\">\n<div class=\"mail-message-header spacer\"><\/div>\n<\/div>\n<div id=\"conversation-footer\" class=\"spacer\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over listing of its shares on the Nigerian Stock Exchange&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":38887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-66907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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