MTN Nigeria is exploring ways of getting the public to trade its shares without listing on the Nigerian Stock Exchange (NSE) via the initial public offering (IPO).
Ralph Mupita, MTN’s chief financial officer, said the company will not get a fair price for its shares under the current market conditions.
MTN recently had a dispute with the Central Bank of Nigeria (CBN) over an alleged repatriation of $8.1 billion using irregular certificates of importation.
“The IPO type of listing has become challenging under current market conditions,” he told Bloomberg.
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“We are exploring other options. The Nigerian business would not get fair value under current market conditions.”
He said a listing by introduction is the simplest way forward but the company’s board will make the final decision.
According to Mupita, the company is still committed to a listing despite the tussle.
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“We have sought legal protection for our Nigerian business and a judge has been appointed for upcoming hearings,” Mupita said.
In a recent statement by Isaac Okorafor, CBN’s spokesman, the apex bank said it is reviewing the sanctions based on new information provided by MTN and the four banks.
The Nigerian Communications Commission (NCC) has already given the company a May 2019 deadline to complete the listing.
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