The National Council, Management and Staff of The Nigerian Stock Exchange congratulate the Board and Management of MTN Nigeria on its successful listing on the NSE Premium Board. As you know, the Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards.The Chief Executive Officer (CEO) of The Nigerian Stock Exchange (The NSE), Oscar Onyema said the Board is a platform for showcasing companies that are industry leaders adhering to international best practices on corporate governance whilst meeting the Exchange’s highest standards of capitalization.
The CEO stated this during welcome address at the facts behind the listing presentation of MTN Nigeria Communications plc on Thursday, May 16, 2019 at the Stock Exchange building Marina – Lagos –
Onyema noted that over the years MTN Nigeria has evolved from one of the pioneering companies at the birth of a new industry that spearheaded Nigeria’s ICT Revolution to a business with the reach and ability to touch lives in every corner of Nigeria. Today, MTN’s listing on the Exchange reaffirms its long-term commitment to expanding opportunities for Nigerians in addition to providing everyday services to them, he added.
“This listing creates a new telecoms and technology asset class for investors and provides an opportunity for a wider group of Nigerians to be part of the Nigerian telecom growth story. Hence the listing of MTN in the Telecommunications Services sector under the ICT Industry categorisation at The Exchange.”
According to the chief executive, from just under 500,000 phone lines in 2001 to over 150 million lines, the Nigerian telecommunication sector is an integral aspect and a major contributor to the Nigerian economy. He cited the National Bureau of Statistics, that the sector contributed 9.46% to Nigeria’s real GDP in 2018 compared to 8.66% in 2017, which indicates the sector’s increasing share of national output.
“As you are aware MTN recently announced its earnings for the 2018 financial year. It gives me great pleasure to know that the Group recorded a strong financial performance in spite of the challenging operating environment. This Facts Behind the Listing gives us an opportunity to look more closely at the numbers and the narrative behind MTN’s performance.”
In his word: “Today’s listing is a promising development in the country, since MTN Nigeria is the first of the big four telecommunication service companies to successfully list its shares on a Nigerian securities exchange. It serves as an example to other similarly situated companies and we encourage more of the telecommunication companies in Nigeria to explore the different opportunities for raising capital on the Exchange’s platform, he added.
Onyema therefore said that we believe that increased participation of indigenous companies in the capital market will improve credibility, entrench good corporate governance, transparency and sustainability in these companies as well as increase investors’ confidence (both local and international).
He reiterated that “We are particularly pleased that MTN Nigeria has taken this strategic step to join the Premium Board of The Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step reflects the Company’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend MTN Nigeria for this bold and strategic step.
“Your listing on the NSE today will not only showcase your company as an established player in the Telecommunication Industry, but will enable the firm to actualize its strategic vision which is “To Lead the Delivery of a Bold, New digital world to its customers”.
“Today’s listing by introduction of 20,354,513,050 ordinary shares of MTN Nigeria at a Listing Price of N90.00 per share is a result of many months of hard work by all parties to the transaction including the Nigerian Communications Commission, Securities and Exchange Commission and The Exchange. This listing has added N1.83Tn to the market capitalization of The Exchange, further deepening the Nigerian Capital Market. It will also increase the visibility of MTN Nigeria whilst differentiating its brand as a premiere player in the Telecommunication sector.
“This listing shows the confidence MTN Nigeria has in our platform, which has a total market capitalization of N21.5Tr across various asset classes. In order to remain competitive, we have implemented far-reaching programmes that have improved market access and provided products that are aligned to investors’ needs. We have also implemented several transparency initiatives (such as BrokerTrax, X-Compliance, X-Whistle, Compliance Status Indicator Symbols, X-Issuer etc.) which have significantly improved confidence in our market. The NSE is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa. We encourage other companies operating in the Telecommunication Industry to join MTN Nigeria by listing their shares on the NSE.
“I would especially want to acknowledge the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta and members of his Executive for their dedication and commitment to making this listing a success. I would like to thank the SEC for its efforts without which this listing would not have occurred. I particularly want to acknowledge the significant work done by all the professional parties particularly Stanbic IBTC Capital Limited and Chapel Hill Denham Advisory Limited. These professional parties took the laboring oar, working tirelessly towards the goal of listing MTN Nigeria. Indeed, the efforts of all connected with this listing, including MTN Group, are worthy of commendation. Most importantly, I thank the Federal Government of Nigeria for its support in making today a reality.
“I want to thank the National Council of the Exchange and my team that worked on this transaction including Primary Markets, Listing Regulations, Market Operations and Corporate Communications as well as all the other internal stakeholders that contributed to making today’s listing seamless. We thank you, the invited guests for your presence today and encourage you to participate fully during the interactive session with the Company. We wish MTN Nigeria great success as it embarks on this new phase of its life’s journey as a listed company on a globally recognized exchange, and we encourage the company to remain transparent in its dealings and compliant with the post-listing requirements of The Exchange.
The Caption Photo: The Chief Executive Officer (CEO) of The Nigerian Stock Exchange (The NSE), Oscar Onyema