The major owners of MTN, the biggest telecommunication company in Nigeria, have been identified.
The owners of MTN were reveal following the listing of the company last week on the Nigerian Stock Exchange (NSE).
The Nigerian Stock Exchange had on May 16, 2019 announced the listing of MTN Nigeria Communications Plc with 20.35 billion ordinary shares at N90 per share.
MTN was listed on the NSE Premium Board. The board includes companies like; Dangote Cement Plc, Zenith Bank, Access Bank, United Bank for Africa (UBA), Lafarge Africa Plc and few others.
With over 20 billion ordinary shares worth over N407.1billion, MTN is the 2nd largest NSE listing. The telecommunication company is also the first telecom company that went public.
Otunba Abimbola Ogunbanjo, the National Council President of the NSE, while speaking about MTN listing last week said; “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria. A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders. It is our expectation that the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.”
Premium Times looked into the listing memorandum filed by MTN which was part of the requirements for the enlistment of its shares on the country’s stock market.
The memorandum contained profiles of the major shareholders of the biggest telecom company in Nigeria.
According to PT, the document revealed 11 owners of MTN Nigeria who own the entire 20.35billion ordinary shares.
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.