MTN Group Deny Reports of $22bn Stuck in Nigeria

The MTN Group has expressed concern over inaccurate media reporting on some of the topics discussed with members of the media at a press briefing held after 2O15 results presentation.

The media session was addressed by Executive Chairman Phuthuma Nhleko and his senior leadership team. The team used the opportunity to address a number of topics, and engage members of the media on matters of interest to them.

“MTN is thus particularly perturbed that despite the extensive engagements in the day, the media coverage around our results has been characterised by grossly inaccurate media reports and misinformation.

We are disturbed by this as the issues being misrepresented are very material to our operations and stakeholders. Of particular concern are reports attributed to our senior executives, purporting that MTN Group is planning to list in Nigeria. This is grossly inaccurate.

The correct comment, as expressed by the Executive Chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group. As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.

Furthermore, the listing of MTN Nigeria, as indicated in the media briefing, remains a consideration, it is not a planned listing, as suggested in some of the media reports. Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.

Also worrying are reports that MTN has $22 billion stuck in Nigeria. This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6bn with some R26.2bn in debt implying a net debt position of R1.7bn”

About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.”

As of 31 December 2015, MTN recorded 232.5 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

DataPro: Beyond the Balance Sheet: A Thorough Approach to Ratings

“In today’s complex financial world, your creditworthiness is your...

NAICOM Pledges Support for Lagos State Building Insurance Scheme

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

Nigeria’s $2bn Renewable Energy Investment Yields Only 76,000 Jobs, REA Flags Local Capacity Gap

Dr. Abba Aliyu, Managing Director of the Rural Electrification...

Ecobank Nigeria Launches Scaling Up Podcast to Champion African Entrepreneurship, Business Growth

Ecobank Nigeria has launched Scaling Up!!!, its flagship business...

DataPro Unveils Date, Registration for 6th International Rating Webinar

The anticipation is already building for the 6th Edition of the...

Topics

Etisalat Risks Take-over by Banks over N377bn Debt

Etisalat Nigeria may be taken over by a consortium...

The Alternative Bank Signs Multi-Sector Development Deal with Niger State

L-R: Baba Mohammed, Head, Government Affairs, The Alternative Bank;...

NPA MD Tours Apapa Road Rehabilitation Project

The Managing Director of the Nigerian Ports Authority (NPA)...

Ifeoluwa Abiodun Emerges Winner of 2016 NSE Essay Competition

Miss Ifeoluwa Toluwanimi Abiodun, a 14 year old student of Babington Macauley Junior Seminary, Ikorodu, Lagos State, has emerged the winner of the 2016 edition of the NSE Essay Competition for Senior Secondary Schools students in Nigeria.

Will Africa be Digitally Relevant in Next 10 Years?

By 2025, jobs which were common place in 2015...

Bloom Weekend 2025: Empowering Women to Lead, Innovate, Thrive

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings,...

TagPay Wins Kalahari Award for Mobile Financial Services in Africa

Tagattitude, the innovative French FinTech has won a Kalahari...
spot_img

Related Articles

Popular Categories

spot_imgspot_img