Updated: EFCC to investigate MTN’s listing 

Updated: EFCC to investigate MTN’s listing 

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MTN Nigeria says it received a letter from the Economic and Financial Crimes Commission (EFCC) on Thursday May 23, requesting information and documentation related to the listing of its shares on the Nigerian Stock Exchange (NSE).
In a statement signed by Uto Ukpanah, MTN’s company secretary, the telecommunications company says it has not been accused of any wrong doing by the EFCC.
“We wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly declared by the Nigerian Stock Exchange and Securities Exchange Commission (SEC),” Ukpanah said.
BusinessDay learnt that on Friday May 24, operatives of the EFFC visited the MTN head office in Falomo Ikoyi Lagos, disrupting work activities.
Our source confirmed that the visit was pertaining to alleged issues on the genuineness of MTN’s recent listing which the EFCC would need to investigate.
“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.
However, MTN denies any fraudulent activity.
“As a law abiding and responsible corporate citizen, we are co-operating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” MTN said in its statement.

 

Jumoke Akiyode-Lawanson



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