MTN Confirms EFCC Probe, Denies Shares Manipulation


• Share price drops

Emma Okonji

MTN Nigeria Communications Plc has confirmed the visit of the Economic and Financial Crimes Commission (EFCC) to its Falomo office in Ikoyi, Lagos, to probe an alleged shares manipulation scandal rocking the telecoms company since the recent listing of its shares on the Nigerian Stock Exchange (NSE).

The development may have contributed to the depreciation in the share price of MTN Nigeria for the first time since it was listed on the Nigerian bourse.

Precisely, after appreciating by 65 per cent (N59) in just one week, from the N90 per share it was listed on the NSE, to N149 per share last Thursday, MTN Nigeria’s share price suffered its first decline last Friday as it closed at N140 per share.

THISDAY had reported that SEC recently launched a probe into the process that led to the listing of MTN Nigeria on the NSE, even though the exchange had defended the telco.

But in a statement signed its company…

Source: Thisday Newspaper