Reports are that MTN Nigeria has applied to list on the Nigerian Stock Exchange. According to Bloomberg, two sources close to MTN in Nigeria have said that the telecommunications company has asked the Nigerian Securities & Exchange Commission for permission to continue with listing of its shares.
This comes a few weeks after MTN Nigeria changed its company legal status from a Private Limited Company to a Public Limited Company. Added to this, MTN Group last week announced, as part of a Board shake up that included the appointment of Nigeria's ex-Central Bank governor , an International Advisory Board.
It would thus appear that the appointment of Lamido Sanusi to the Board of Directors of Africa's largest telecommunications company was also in preparation for the pending listing. It's also important to note that, as part of MTN Nigeria's reduced regulatory fine handed out in 2015, one of the requirements was that the company would list its Nigerian subsidiary on the NSE.
Another key component of MTN going forward will be the newly announce International Advisory Board headed up by former South African President, Thabo Mbeki. It's expected that MTN's IAB will help it navigate complex geopolitical issues as it has recently experienced across Africa and the Middle East.
"The Board has resolved to establish an international advisory board(IAB) of prominent persons of considerable and wide-ranging experience. The primary purpose of the IAB will be to counsel, guide and support the MTN Group from time to time in fulfilling its vision and objective of being one of the premier African corporations with a global footprint in telecommunications, contributing to increased digital inclusion in Africa and the Middle East, a pivotal aspect of the fourth industrial revolution."
Cover image credit: Joshua Oluwagbemiga/Unsplash
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