Ife Ogunfuwa
MTN Nigeria Plc is facing investigations by the Economic and Financial Crimes Commission following allegations of manipulation of its share listing on the Nigerian Stock Exchange.
The telecommunications company confirmed this in a statement on Saturday.
According to MTN, the EFCC has requested certain information and documentation regarding the May 16 listing.
The network operator said it hasn’t been accused of wrongdoing and received all the necessary regulatory approvals to start trading the stock.
“We wish to reiterate that we received all regulatory approvals required to list on the Nigerian Stock Exchange as publicly confirmed by the NSE Securities and Exchange Commission,” the statement signed by the Company Secretary, Uto Ukpanah, stated.
It was gathered that MTN’s head office in Lagos was raided on Friday by some officials of the EFFC. The telecom company has been embroiled in legal and regulatory issues in the past three years in Nigeria, which is its largest market in Africa.
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The listing on the NSE was a condition of a settlement reached with the Nigerian Communications Commission in 2016 over failure to disconnect SIM cards of unregistered subscribers as directed by the commission.
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EFCC probing our listing – MTN - The Punch
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