{"id":67012,"date":"2019-05-29T17:24:45","date_gmt":"2019-05-29T16:24:45","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=67012"},"modified":"2019-05-29T17:24:45","modified_gmt":"2019-05-29T16:24:45","slug":"abba-kyari-stalling-probe-of-mtn-8billion-share-fraud-serious-manipulations-uncovered","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/abba-kyari-stalling-probe-of-mtn-8billion-share-fraud-serious-manipulations-uncovered\/","title":{"rendered":"Abba Kyari Stalling Probe of MTN $8billion Share Fraud; Serious\u00a0 Manipulations Uncovered"},"content":{"rendered":"
\n
Mallam Abba Kyari, the Chief of Staff to President Mohammadu Buhari, is<\/div>\n
\n
stalling the probe of MTN Nigeria Communications Plc, alleged share
\nmanipulation few days after the Telco listed at the Nigerian Stock
\nExchange, NSE, a source familiar with the investigations told
\nPointblanknews.com.<\/p>\n

Few days after it listed on the NSE, top shareholders made almost
\n$8billion under a free float accommodation from NSE but what insiders
\nconsidered a \u201cmassive manipulation.\u201d<\/p>\n

Operatives of the Economic and Financial Crimes Commission, EFCC, last
\nweek raided the head office of MTN Nigeria in Falomo, Lagos, and carted
\naway documents related to its recent share listing.<\/p>\n

Soon after investigators seized documents at the Lagos office of MTN,
\nsources told\u00a0pointblanknews.com<\/a>\u00a0that top leadership of the Telco reached
\nout to Kyari, requesting he prevails on the anti-graft agency to
\nback-down.<\/p>\n

Sources told\u00a0pointblanknews.com<\/a>\u00a0that while preliminary investigations
\nconfirmed manipulation and \u201cserious infractions that are not healthy for
\nthe economy of Nigeria,\u201d Kyari is putting pressure on investigators to
\nstop the probe.<\/p>\n

According to the source who is privy to the on-going investigations but
\nprefers to be anonymous, information on how the manipulations were
\ncarried out have already been uncovered by the ant-graft agency.
\n\u201cAs soon as the allegations and petitions were received, the EFCC
\nswiftly moved in to forestall any tampering and raided the whole MTN
\noffice, collected vital documents, searched computers and other devices.<\/p>\n

\u201cFrom preliminary findings, how the share manipulations were carried out
\nhave been discovered.\u201d
\nThe source confirmed that the illegality carried out by MTN has the
\nbacking of Kyari who once collected N500million bribe from the Telco to
\nhelp mitigate fines imposed on them by the Federal Government for
\nbreaking laws.<\/p>\n

According to the source, \u201cMTN enjoys a lot of support and backing from
\nthe Chief of Staff to the Presidency. They quickly ran to him as soon as
\nthe probe started, and he has been moving around trying to have the
\ninvestigation stop.\u201d<\/p>\n

MTN had on May 16, listed its shares on the NSE by way of an
\nintroductory listing.
\nSources told Pointblanknews.com that even under a free float
\naccommodation, at least five percent of the shares should have been made
\navailable to all investors as was the case when Dangote Group listed
\nwith the NSE.<\/p>\n

\u201cBut they didn\u2019t do that. They went ahead, manipulated the shares to
\ndrive up price of the stock before any offering through IPO. This is a
\ncrime and those involved would have to face the law. They cannot do what
\nthey did in South Africa and so Nigeria will not tolerate such either,\u201d
\nthe source said.
\nSpokesman of the EFCC could not be reached for comment as he did not
\nrespond to calls and text messages.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Mallam Abba Kyari, the Chief of Staff to President Mohammadu Buhari, is stalling the probe of MTN Nigeria Communications Plc, alleged share manipulation few days after the Telco listed at…<\/p>\n","protected":false},"author":1,"featured_media":67013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-67012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nAbba Kyari Stalling Probe of MTN $8billion Share Fraud; Serious\u00a0 Manipulations Uncovered - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/abba-kyari-stalling-probe-of-mtn-8billion-share-fraud-serious-manipulations-uncovered\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abba Kyari Stalling Probe of MTN $8billion Share Fraud; 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