MTN’s pending listing on the Nigerian Stock Exchange (NSE) is likely to be “impactful” and “transformational” for the NSE, whose market capitalization is estimated at $82bn. The CEO of the stock exchange, Oscar Onyema, told BusinessLIVE on Monday that the listing has good potential to bring a new class of participants into the market. He stated, “We have not received an application yet from them MTN but we engaged with them and we are having conversations,” “I think it will be very impactful, especially considering the fact that they have millions and millions of subscribers. It could be a very transformational listing if it is done the right way.” Oscar Onyema, who is also the president of African Securities Exchanges Association, was speaking from South Korea’s second city, Busan, the site of this year’s annual meeting of the African Development Bank’s (AfDB’s) board of governors, who are largely finance ministers of its member countries.
MTN, which is currently on the road to recovery from the huge fine imposed by regulatory authorities in Nigeria about three years ago, has announced plans to list on the NSE by the end of 2018. The company, known as Africa’s largest wireless carrier by sales, is also looking to borrow as much as 400-billion naira ($1.1bn) in Nigeria this year as it seeks to fund local investment and change existing debt.