Economy
MTN to List N153b Shares on NSE Soon
By Modupe Gbadeyanka
South African firm, MTN Nigeria, is planning to finally list its shares worth about N153 billion ($500 million) on the Nigerian Stock Exchange (NSE) before the end of first half of this year.
The leading telecommunications company in Nigeria had suspended listing of its stock on the local bourse because of the fine imposed on it by the Nigerian government in 2016 for failing to disconnect unregistered lines on its platform.
It was initially fined N1.04 trillion, but was later reduced to N330 billion.
That year, the firm posted its first loss as a result of the punishment.
However, MTN Group returned to profitability in 2017 when it recorded profit gain during the year.
According to Bloomberg, MTN is listing the N153 billion worth of its equities on NSE as part of the deal it struck when its fine was cut by the Nigerian Communications Commission (NCC), the agency regulating the telecoms sector in the Africa’s largest market.
Bloomberg is reporting that Standard Bank Group Limited and Citigroup Incorporated are advisers of MTN Group on the disposal of as much as 30 percent of the Lagos-based unit on the local bourse.
It was gathered that most of the equities would be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success.
Last year, precisely in August, the Securities and Exchange Commission (SEC) confirmed that talks were ongoing in listing the company’s shares on the stock exchange.
“Concerning listing of MTN (Nigeria) on the Nigerian Stock Exchange, we have started discussions with them and also given them ideas on how to make it possible.
“We hope very soon, when the discussions are over, the company will announce its listing to investing public.
“I believe it (the listing) will boost our economy and showcase Nigeria as a good place to invest,” the then SEC chief, Mr Mounir Gwarzo, had informed journalists after a Capital Market Committee (CMC) meeting in Lagos.
In June last year, General Manager of MTN, Mr Nikiwe Tsaagane, had assured the Federal Government that the leading telecommunications firm in the country will list its shares on the Nigerian Stock Exchange (NSE).
He had told the Minister of Science and Technology, Mr Ogbonnaya Onu, that plans were underway to make shareholders apply for the listing digitally.
“To achieve this, we are working with the Nigeria Stock Exchange to develop an application platform to enable our customers apply online. It would be the first time such is happening in the country,” Mr Tsaagane informed the Minister.
In November 2017, Chief Executive Officer (CEO) of MTN Group, Mr Rob Shuter, had told Bloomberg in an interview that his firm was making underground plans for an initial public offering of its Nigerian business and should had been completed in the next six months.
According to him, “We have a lot of advisers running around getting everything ready, it is a complicated process and there’s a lot of regulation that needs to be arranged. We are moving forward well with the project and anticipate concluding that in the next six months or so.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
