Economy
MTN Nigeria Plans July IPO Listing at N80 Per Share
By Dipo Olowookere
A first major Initial Public Offering (IPO) on the Nigerian Stock Exchange (NSE) may eventually happen in July 2018, if information by Reuters in anything to go by.
Leading GSM network service provider in the country, MTN Nigeria, is finally set to list its much-anticipated shares on the local bourse.
According to the pre-IPO presentation of the telecoms firm seen by Reuters, MTN Nigeria, which plans to achieve a “retail friendly” offer price for the IPO in July this year, is looking at around N80 per share, the average price for shares listed on the NSE.
The telco has around 402 million shares in issue, the same amount in preference shares, which it sold at $0.99 in 2007.
As part of the IPO, it would split one share into 50 units, to create 20 billion shares, which would be listed on the bourse and set the IPO price via book building.
It would also split its nominal value to 2 kobo from one Naira.
South Africa’s MTN owns more than 70 percent of MTN Nigeria, which has under 300 existing shareholders.
In all, MTN plans to list its Nigerian unit worth $5.23 billion and will raise fresh funds to reduce debt.
It was gathered that the firm aims to raise at least $400 million from the IPO to pay preference shareholders.
To achieve this, MTN Nigeria is preparing to file application to the Securities and Exchange Commission (SEC) to launch the offer after getting approvals from existing investors last week.
Between May and June this year, the company plans to go on roadshow before the main listing in June or July with Citigroup and Stanbic IBTC Bank advising MTN Nigeria.
MTN shares are currently traded over-the-counter in Nigeria at $13, giving it a market value of $5.23 billion, down from $25 billion in 2015 before a Nigerian government fine.
The company would use the proceeds of the share sale to redeem preference shares issued to existing investors who bought the shares 11-years ago and also cut its dollar exposure.
IPOs dried up in Nigeria after a 2008 crash wiped more than 60 percent off the stock market’s capitalization. The index has since recovered, gaining 42.3 percent last year and 11 percent so far this year but IPOs have yet to resume.
Meanwhile, MTN Nigerian declined to comment on the IPO.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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