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NCC orders MTN to complete NSE listing by May 2019

The Nigerian Communications Commission (NCC) has ordered MTN, a telecommunications company, to complete its listing on the Nigerian Stock Exchange by May 2019.

The NCC executive vice chairman, Umar Danbatta said this during an interactive session with journalists on Wedneaday.

He said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.

Recall that listing on the stock exchange was one of the conditions reached by the NCC and MTN for settlement of the fine imposed on the company in 2015 for disconnecting ‘unregistered SIM cards”

“There are issues but let me say we are almost done with sorting out those issues,” he said.

“We are presently conducting another round of due diligence on Teleology: to examine and consequently determine whether they really have the technical wherewithal to run the company effectively; and whether they really have the financial capability to run well and so on.”

Danbatta said Teleology had paid the initial $50 million for 9mobile and now has less than 90 days to pay $450 million or lose their spot to Smile Communications, which was picked as the reserved bidder.

Rob Shuter, MTN chief executive officer had in April said the company will complete its listing on the bourse in 2018 if the conditions are right

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