Mobile phone operator MTN Nigeria has changed its legal status as a prelude to the introduction of part of its capital on the Nigeria Stock Exchange (NSE). In a statement issued on 23 April 2019, Ferdi Moolman, the chief executive officer of MNT Nigeria, states that the ”  conversion to joint stock company is a major step in the IPO of the Nigerian Stock Exchange. It reaffirms our long-term commitment to increasing investment opportunities for Nigerians, as well as providing daily services  . “

With the change of legal status, MTN Nigeria Pivate Company Communications (Ltd) becomes MTN Communications Public Company (Plc). The company, in its operation, will not completely change its old model except that its control will be reinforced by the Shareholders’ Meeting. The MTN Nigeria IPO, Ferdi Moolman said it should occur before the second half of 2019.

MTN will enter the stock market with the confidence of consumers that has remained strong, despite the multiple tensions accumulated with the Nigerian authorities in 2018. The number of customers of the company has increased by 6 million in 2018. It has indeed gone from 52,273,000 subscribers with 58,197,000 subscribers. 

Source: Agence Ecofin