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SEC says MTN hasn’t filed for IPO in Nigeria

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The Securities and Exchange Commission (SEC) said contrary to what the South African company MTN said regarding filing for Initial Public Offering (IPO), the telecommunication giant hasn’t filed the said IPO in Nigeria.

 

“Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,” the commission said on its website late last month, adding: “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.”

 

SEC’s Director-General, Mary Uduk, again reiterated this last week, during the commission’s second post Capital Market Committee (CMC) meeting in Lagos and said that the commission will welcome filings aimed at deepening and broadening the capital market.

 

“Let them just file, please tell them to file and leave the heat at the side of the commission because as we speak and as far as we know, MTN is still a private company until they convert to a public company and then file application with us,” she said.

 

Multiple media reports in May this year claimed that the MTN Group said it was perfecting the details of its proposed Nigeria IPO.

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