Newsexpress place banner advert Yudala genuine products
How non-listing of MTN shares in 2017 will affect Nigerian Stock Exchange: Experts

By News Express on 30/01/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,088


Some financial experts have warned that the postponement of the listing of MTN shares on the Nigerian Stock Exchange (NSE) will slow down the listing of other multinationals being wooed by the bourse.

They told the News Agency of Nigeria (NAN) in Lagos that the Federal Government must do everything possible within its powers to ensure the listing of the company’s shares on the NSE in 2017.

The operators spoke against the backdrop of a statement by the MTN Group Ltd that it may put off plans to list its Nigerian operation until 2018, as it strived to resolve a regulatory dispute.

Mr Phuthuma Nhleko, MTN Chairman and Acting Chief Executive Officer, was quoted as saying at the World Economic Forum in Davos, Switzerland that the listing may be within the 12 to 18-month period.

NAN reports that MTN Nigeria in June 2016, said that it would list its shares on the nation’s bourse in 2017, after being fined for breaching the know-your-customer rules set by the National Communications Commission (NCC).

Dr Uche Uwaleke, Head, Banking and Finance Department, Nasarawa State University, Keffi stated that government should provide further fiscal incentives, in addition to the reduced charges for MTN.

Uwaleke said that putting off the planned listing till 2018 would not mean well for the stock market as other companies that may be considering a similar move could also put such plans on hold.

“If MTN did not push ahead with the plan, other telecom firms like Etisalat and Airtel, including firms in the Oil and Power sectors, currently being wooed by the NSE may develop cold feet.

“They can equally cite the same unfavorable economic conditions as their reason.

“This will not augur well for the stock market. Currently, the market lacks depth and is over-concentrated with just about four companies accounting for over 60 per cent of the equities’ market capitalisation.

So, the presence of MTN and these other companies will help to deepen the market and make it more attractive to local and foreign investors,’’ he added.

Uwaleke said that the company’s plan to list was part of its understanding with the Federal Government over the huge fine imposed on it.

“MTN in 2016 had make known its plan to list on the NSE as part of an understanding it had with the federal government over a huge fine imposed on the company.

“The development led to the fine being slashed considerably by the government.

“The telecom giant had provided a caveat to the effect that whether or not it lists in 2017 would depend on market conditions.

“With the economy still in the woods, illegal charges and legal hurdles to grapple with, the company appears disposed to invoke the caveat as justification for putting off the planned listing till 2018,” Uwaleke said.

He noted that government should spare no effort to get MTN to list on the NSE in 2017, even if it entailed providing further fiscal incentives, in addition to the reduced fine.

Similarly, Malam Garba Kurfi, the Chief Executive Officer, APT Funds and Securities Ltd, said that Nigeria must not scare MTN away from the country with huge fines.

Kurfi said that the listing of MTN shares would attract other big companies to the exchange and at the same time deepen the depth of the market.

He stated that government should work toward listing all its privatised entities on the NSE, to boost activities and increase the number of tradable products. (NAN)

Source News Express

Posted 30/01/2017 04:36:24 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
RIGHTSView: SPORTS’ ANTI-CLIMAX IN JOS

American Embassy begins collection of visa applications in...

AU boosts MNJTF with 15 tactical vehicles, 30...

UN says deadly epidemics, lack of food threaten...

Kwara students protest non-payment of bursary

Edo ‘go and die’ widow shuns PDP’s N250,000...

Surprise! Surprise!!: CHARLY BOY PERFORMS WITH MASS CHOIR...

NLC, NULGE demand payment of 8 years outstanding...

275 rescued Boko Haram victims moved for social...

NUJ vows to disrupt Thisday's 20th anniversary celebration...

REVERT TO PAGAN TITLE OR LEAVE THE THRONE...

Niger Delta militancy ‘senseless’, says Soyinka

 

Latest News South African church bars blacks Drug abuse rate among girls worrisome — NDLEA Lambo, Jemibewon, others declare support for Dino Melaye Sacked whistleblower regains job at Foreign Affairs Ministry NIIT to subsidise scholarship fees Anambra Guber: Bishops pray for Chidoka, urge spirit of sportsmanship among politicians Farmers to get agronomy training for yam export Land tussle: Iwaya Community Lagos floors Anglican Church at Supreme Court Book on Brigadier Maimalari killed in 1966 coup for public presentation Grazing Reserve: Yobe provides 2,500 hectares of land 38 Nigerian Universities increase tuition fees IBB calls for restructuring of Nigeria

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (259,417 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (238,761 views) Shameless Genevieve Nnaji exposes breasts in public (195,829 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (169,937 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (165,238 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (146,797 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (127,284 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (121,491 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (112,202 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (105,385 views) Lagos plane crash: Journalist releases victims’ names (105,339 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (98,119 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,601) Business Verdict (17) Columnists (702) Complaints & Requests (92) Enterprise & Opportunities (159) Entertainment (335) Features (461) Global Business Monitor (154) International (1,427) Interviews (124) Live Commentary (28) Love Matters (59) News (25,819) Opinion (736) Pidgin (8) Politics (3,744) Religion (567) Sports (1,281) Stock Watch (18) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Thousands of Biafrans gather at Nnamdi Kanu’s father’s palace for address...

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!