MTN Nigeria has been formally listed on the Nigerian Stock Exchange. The telecommunications company floated ₦2 trillion or $6.54 billion into the NSE by market value. Selling at ₦90 per unit as the shares climbed 10 percent on its first day.
The Nigeria arm accounts for one – third of the total earnings of MTN Group based in Johannesburg.
The listing is part of the agreement between Nigeria and MTN to settle a $5.2 billion fine for allowing its subscribers who had not registered or had partial registration make full use of its services.
A $2 billion tax evasion case is also in court.
It is expected that more shares will be sold to the general public.