EFCC investigation: We’ve not been accused of any crime, says MTN

MTN Nigeria says it has not been accused of any wrongdoing by the Economic and Financial Crimes Commission (EFCC).

In a statement signed by Uto Uknapah, its company secretary, MTN said it received a letter from the EFCC requesting information and documentation about its listing on the Nigerian Stock Exchange (NSE).

There have been reports that EFCC officials visited the telecommunications company’s office on Friday for investigations.

“We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by the Nigerian Stock Exchange and the Securities and Exchange Commission,” MTN Nigeria said in a statement.

“MTN Nigeria has not been of any wrongdoing by the EFCC.

“We are co-operating fully with the authorities.”

The company had listed its shares on the NSE by “way of introduction” — meaning that the shares of existing MTN Nigeria shareholders were listed without an additional public sale of shares.

However, the exchange had requested that MTN make its shares available for trading.

The exchange had expressed concerns that dealing members who have not been involved in cross deals have been unable to trade on behalf of their clients.