News Update

SEC: MTN Has Not Applied for Regulatory Review of Planned IPO

Monday 9 July, 2018

The Securities and Exchange Commission (SEC) on Sunday disclosed that it was unaware that telecommunications giant, MTN Nigeria Limited, has filed an application to it to review its plan to undertake an Initial Public Offering (IPO) in Nigeria’s capital market.

The SEC, in a statement sent to THISDAY in Abuja, explained that neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with it regarding the IPO.

It thus debunked media reports claiming it was holding back the telecommunications firm’s plan to undertake the IPO.

“The commission wishes to categorically state that the information contained in the said publication is false, misleading and without merit.

“Additionally, the commission would like to state that MTN Nigeria Limited to the best of the commission’s knowledge is a private company limited by shares, As at the date of this circular, neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,” said the statement.

It added: “Given that there is no application from MTN before the commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.”

The SEC said it would welcome filings aimed at deepening and broadening Nigeria’s capital market and was ready to provide the necessary regulatory support to ensure such happened.

According to it, “If MTN finally files a formal and complete application with the commission, it would be treated with the usual diligence and urgency that is applicable to all such filings.”

“Furthermore, we wish to remind all capital market operators of their duty not to furnish information, which is false, and misleading in any material particular as the commission would not hesitate to take necessary regulatory actions on any erring market operator.

“The commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market,” it added.

Last year, MTN group announced that its Nigerian business will be listed on the Nigerian Stock Exchange this year, by way of initial public offering (IPO). Significant progress has been recorded vis-a-vis the IPO, which is expected to be concluded next month. 

We establish a compelling investment case for MTNN, considering the company�s impressive track record which is supported by scaled market position and the first-mover advantage. Beyond that, it is difficult to ignore the telco�s new growth initiatives - to be implemented by a sound management team which could potentially propel earnings to new highs over the medium term.

Nigeria�s telecommunication industry � quick facts


  • Largest telecoms market in Africa
  • Four mobile telecom operators
  • 160.5 million mobile subscribers with teledensity and penetration rate at 114.7% and 75% respectively
  • MTN is the market leader (65.2 million subscribers at 40.7% market share)
  • 101.2 million data subscribers
  • Contributed 9.2% to overall GDP in Q1-18

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