Concern Mounts Over Possible Share Manipulation in MTN’s NSE Listing

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Ferdi Moolman
Chief Executive Officer, MTN Nigeria, Ferdi Moolman

  • Some 700 Shareholders profiting from massive demand and piecemeal supply intended to jack up value
  • Share price jumps 21% in 2 days of trading

Kunle Aderinokun, Obinna Chima, Goddy Egene and Bamidele Famofoo

Investors on the Nigerian Stock Exchange (NSE) and stakeholders waiting to purchase the shares of MTN Nigeria Communications Plc through an initial public offering (IPO) may do so at a very high premium whenever the telco decides to float the IPO.

This is because of the free float accommodation MTN Nigeria was granted by the capital market regulators to pave the way for its listing last Thursday, even as MTN exercised its option on preference shares worth N145 billion a day after the listing and went ahead to borrow a further N200 billion from Nigerian banks, to pay off the preference shareholders at the listing price of N90 per share, a source revealed.

These developments are already…



Source: Thisday Newspaper