MTN Nigeria Communications Plc on Saturday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over listing of its shares on the Nigerian Stock Exchange (NSE).
A statement posted on the exchange web site signed by MTN Nigeria Communications, Company Secretary, Uto Ukpanah confirmed the investigation.
The statement said that the company received a letter on May 23, from EFCC requesting information and documentation related to the listing of our shares on the NSE.
“MTN Nigeria has not been accused of any wrong doing by the EFCC.
“We wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly confirmed by NSE and the Securities and Exchange Commission (SEC).
“As a law abiding and responsible corporate citizen, we are cooperating fully with the authorities.
” We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” said the statement.
The News Agency of Nigeria (NAN) reports that there have been reports of scarcity of the shares since after its listing, which resulted to alleged price manipulation.
Consequently, some minority shareholders had decried the inability of retail investors to have access to the shares since May 16 after the listing.
They accused capital market regulators of conniving with MTN Nigeria Communications to allegedly manipulate the performance of the share price at the exchange.
They said that the MTN Nigeria did not meet the free float of 20 per cent before listing.
Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN), in an interview with NAN described the listing as “a fraudulent game.”
“Our conclusion as shareholders is that they have come to play us a game which is not far from fraudulent game, the nominal value of MTN shares is not certain.
“These are areas I think SEC should ask NSE questions rather than the issue of gifts sharing at AGMS and ban of pre-AGM.
“We are not certain of MTN, up till now no prospective shareholder can tell you this is what MTN Nigeria stands for,” Nwosu said.
He said that the exchange had set a bad precedent in the market by allowing some companies to list without meeting the free float requirement thereby cresting a bad image.
But the NSE recently said that the total number of MTN shares in the hands of over 700 Nigerians, who are not promoters, controlling interests, directors, that were unbundled upon listing was about 1.8 billion. (NAN)
Military Deploys Special Forces To Southern Kaduna
Pro-Health International Launches ICHSSA 4 Project to Support 76,000 Orphans
Police Arraign Businessman For Alleged N2m Fraud
Edo Governorship Election: INEC To Deploy 20,000 Ad-Hoc Staff
Delay In Release Of Funds To Farmers Raises Concern
No Sacred Cow In Corruption Fight – FG
Obaseki Condoles With Cousin, Arese, Over Death Of Husband, Walter Carrington
NEWS22 hours ago
Controversy Trails Appointment Of NDA Academy Provost
COVER STORIES12 hours ago
Insurgency: Northern Govs Seek Probe Of Mailafia’s Allegations
NEWS9 hours ago
Baga: Army Investigates Fish Business Allegations
Covid 1923 hours ago
COVID-19: Yobe Molecular Lab Begins Operation, Test 98 Samples At Once
NEWS23 hours ago
Court Remands Mechanic, Apprentice Over Alleged Rape
NEWS23 hours ago
APC News Online: Sen. Adeyemi To Chair Advisory Board
NEWS22 hours ago
Soldier Bags 55 Years Jail Term for Killing WHO Staff in Zamfara
NEWS24 hours ago
Delta Govt Flags Off Year 2020 Cassava Devt Programme