Home Business News We’ve not received any application on MTN’s IPO – SEC

We’ve not received any application on MTN’s IPO – SEC


The Securities and Exchange Commission (SEC) at the weekend said that it was not aware of MTN Nigeria Limited’s Initial Public Offering (IPO) being proposed on the Nigeria Stock Exchange (NSE)

Specifically, the Commission said that it had not receive any official application either directly from the telecommunications company or through any of its advisers or representatives regarding an Initial Public Offering (IPO).

The SEC, in a Circular stated that its attention was drawn to a publication on pages 1 & 38 of Business Day Newspaper of Thursday, July 5, 2018, and other media outlets wherein it was reported that “after 6 weeks delay by SEC, the MTN IPO was set to go”.

The Commission categorically stated that the information contained in the said publication was false, misleading and without merit, stating that MTN Nigeria Limited to the best of the Commission’s knowledge is a Private company limited by shares.

The SEC clarified further: “As at the date of this circular, neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO.

“Given that there is no application from MTN before the Commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review”, it added.

The capital market regulator stated further that it welcomed filings aimed at deepening and broadening the capital market and was always ready to provide the necessary regulatory support to any company that inidicates it interest to get listed on the nation’s bourse.

The Commission assured that If MTN finally filed a formal and complete application with it, it would be treated with the usual diligence and urgency that is applicable to all such filings.

It stated further: “Furthermore, we wish to remind all capital market operators of their duty not to furnish information, which is false, and misleading in any material particular as the Commission would not hesitate to take necessary regulatory actions on any erring market operator

“The Commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market”, the circular added.