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National Association of Telecommunication Subscribers (NATCOMS) has commended MTN Nigeria for listing its shares on the floor of the Nigerian Stock Exchange (NSE).
NATCOMS President, Chief Deolu Ogunbanjo, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
He said that the listing was the biggest and most pleasant news in the telecommunications industry since 2001.
Ogunbanjo added that the listing of the telecommunication company would improve services as it would broaden investment in the sector.
He explained that operators would have access to public shares through the stock market so they could expand the scope of their operations, hence improving service delivery.
According to him, the listing of MTN is in the interest of the company, the consumers, the investors and the country at large.
“It is pretty good to list. It now means that at least Nigerians can own part of MTN, as it is not going to be solely South Africans. Before now, the company had a Nigerian as the chairman of the board, but the ownership structure is still South African majorly. Now Nigerians can invest and at least part-own MTN, which is pretty good”.
“I do hope that other major telecommunication companies will do the same to ensure that they also list. Of course, investment should be more and Return On Investment (ROI) will be fine for the network operator, as well as the consumers or Nigerian investors in MTN,” he said.
The NATCOMS boss said that telecommunication subscribers would now have renewed hope and confidence in MTN.
“The listing is part of the business. Beyond that is the fact that Nigerian investors will be benefiting and it is going to affect the GDP of our economy. The Nigerian Stock Exchange will also be healthier, since we do have industrious company that is listing,” he said.
MTN Nigeria on Thursday, May 16, listed on NSE’s Premium Board by introducing 20.35 billion (20,354,513,050) ordinary shares at N90 per share.
MTN Nigeria, a part of the MTN Group, is the first telecommunication network provider to be listed on the NSE Premium Board.
The Premium Board is a listing segment for the elite group of issuers that meets the exchange’s most stringent corporate governance and listing standards.
The board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.
The Chief Executive Officer of NSE, Mr Oscar Onyema, said the exchange was delighted to welcome MTN Nigeria.
Onyema said “the listing is a promising development in the country’s telecommunication sector and we encourage other players in the sector to explore the different opportunities in the capital market to raise long term capital.
“As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed on our market is an indication of the exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment,” Onyema said.
He said that the listing would promote liquidity for MTN Nigeria, enhance its value and increase transparency.
Onyema added that the exchange remained one of the best avenues for raising capital and enabling sustainable growth for national development. (NAN)
