Efcc probes mtn Nigeria.(Read more ) see photos

MTN Nigeria on Saturday said
that it was being investigated by
the Economic and Financial
Crimes Commission (EFCC) over
the 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 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 wrongdoing 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
“We are committed to good
governance and to abiding by the
extant laws of the Federal
Republic of Nigeria,” said the
The News Agency of Nigeria
(NAN) reports that there have
been reports of scarcity of MTN’s
shares after its listing, amid
allegations of price manipulation.
Some minority shareholders had
decried the inability of retail
investors to have access to the
shares since May 16 after the
They accused capital market
regulators of conniving with MTN Nigeria
Communications to allegedly manipulate the
performance of the share price at the
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, 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,” Mr Nwosu
He said the exchange had set a bad precedent
in the market by allowing some companies to
list without meeting the free float
requirement thereby creating 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.