Invasion: We’ve not been accused of any by the EFCC, says MTN

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MTN Nigeria says it has been accused of any wrongdoing by Financial Crimes Commission (EFCC).

In a statement signed by Uto Ukpanah, its company secretary, MTN said it received a letter from EFCC requesting information and documentation about its listing on the Nigerian Stock Exchange (NSE) on May 23, 2019.

There have been reports of EFCC officials invaded the giant telecom company’s office on Friday stopped all activities 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 accused 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.

Listing by introduction meant that the shares of existing MTN Nigeria shareholders were listed without an additional public sale of shares.

However, some stakeholders had requested that MTN make its shares available for trading.

Amehnews recall that Dangote cement price behaved like this before Alike Dangote released 40percent of his holding to re-balance stabilize price on the trading floor.

There are expression concerns some dealing members who have not been involved in cross deals have been unable to trade on behalf of their clients.

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