SEC: MTN Has Not Applied for Regulatory Review of its Planned IPO


By Chineme Okafor in Abuja

The Securities and Exchange Commission (SEC) yesterday disclosed that it was unaware that telecommunications giant, MTN Nigeria Limited, has filed an application to it to review its plan to undertake an Initial Public Offering (IPO) in Nigeria’s capital market.

The SEC in a statement made available  to THISDAY in Abuja explained that neither MTN nor any of its advisers or representatives have filed any application with it regarding the IPO.

“The commission wishes to categorically state that the information contained in the said publication is false, misleading and without merit.

 “Additionally, the commission would like to state that MTN, to the best of the commission’s knowledge, is a  private company limited by shares, and as at the date of this circular, neither MTN nor any of its advisers or representatives have filed any application with the SEC regarding the said IPO,” the statement said.

It added: “Given that there is no application from MTN before the commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.”

The SEC said it would welcome filings aimed at deepening and broadening Nigeria’s capital market, and was ready to provide the necessary regulatory support to ensure such happened.

According to it, “If MTN finally files a formal and complete application with the commission, it would be treated with the usual diligence and urgency that is applicable to all such filings.

 “Furthermore, we wish to remind all capital market operators of their duty not to furnish information which is false, and misleading in any material particular as the commission would not hesitate to take necessary regulatory actions on any erring market operator

“The commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market.”