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Panic At MTN As EFCC Investigates Listing On NSE

MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission over the listing of its shares on the Nigerian Stock Exchange.

MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission over the listing of its shares on the Nigerian Stock Exchange.

A statement posted on the NSE website signed by MTN Nigeria Communications, Company Secretary, Uto Ukpanah confirmed the investigation.

Meanwhile, information reaching DAYLIGHT.NG has it that the letter from EFCC is already causing panic and tension at MTN’s head office.

The statement said that the company received a letter on May 23, from EFCC requesting information and documentation related to the listing of its shares on the NSE.

“MTN Nigeria has not been accused of any wrongdoing by the EFCC.

“We 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.

“As a law-abiding and responsible corporate citizen, we are cooperating fully with the authorities.

“We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” said the statement.

The News Agency of Nigeria reports that there have been reports of the scarcity of the shares since after its listing.

Cull from Punch