Inside Nigeria

Share Listing: EFCC Raids MTN Nigeria Head Office

Operatives of the Nigerian anti-graft agency, Economic and Financial Crimes Commission (EFCC), on Friday raided the MTN Nigeria head office in Falomo Ikoyi Lagos, shutting down all activities in the Complex, BusinessDay is reporting.

Although the reason for the raid could not be ascertained at the time of reporting, sources say members of the anti-graft agency stormed the telco’s head office, stopping all activities for alleged fraudulent financial activities pertaining to the company’s recent listing on the Nigerian Stock Exchange (NSE).

“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.

MTN Nigeria was listed at a total of 20, 354,513,050 at N90 per share on May 16, after the company had completed all the necessary steps required by the NSE for listing which led to the approval.

On the day of the listing, MTN Nigeria was reported to have emerged as the second largest company on the nation’s bourse after Dangote Cement with a market capitalisation of N1.83 trillion.

BusinessDay said it contacted Funso Aina, MTN’s Public Relations Officer, who neither denied nor admitted that the company was raided, but said: “We will send out a statement to that effect very soon.

MTN share price had skyrocketed since its listing a week ago amid complaints that the shares were not available for sale to retail investors creating a pressure on demand and upward price movement.

MTN  share price soared to N149 per share on Friday but lost N9 to close at N140 and investors took quick profits.

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