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EFCC investigating MTN after NSE listing

The Economic and Financial Crimes Commission () are investigating Nigeria Communications Plc over allegedly manipulation of shares after its listing of its shares on the Nigerian Stock Exchange (NSE).

Earlier, Okay Nigeria News reported that the telecoms company completed its listing on the Nigerian Stock Exchange (NSE).

MTN recored a drop in the share price first time since it was listed on the Nigerian bourse.

The investigation by the anti-graft commission may have contributed in the drop 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.

Okay Nigeria News learned that on Friday the EFCC visited MTN office in Ikoyi, Lagos, to request for vital documents from top officials.

MTN in a statement by Uto Ukpanah, the company’s sectary, confirmed the visit but denying the investigation was connected to the alleged shares manipulation.

The statement read:

“MTN Nigeria Communications Plc (MTN Nigeria) received a letter on May 23, 2019 from the Economic and Financial Crimes Commission (EFCC) requesting information and documentation related to the listing of our shares on the Nigerian Stock Exchange (NSE). MTN Nigeria has not been accused of any wrongdoing by the EFCC.

“We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by the Nigerian Stock Exchange 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.”




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Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.

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