The Chief Executive Officer of Nigerian Stock Exchange (NSE), Oscar Onyema has said NSE is working closely with MTN to ensure its listing on the nation’s bourse.
Onyema made this known on Thursday, on the sidelines of the NSE 2016 market recap and outlook for 2017 in Lagos.
Onyema said that the NSE team was working closely with MTN Nigeria, to encourage them to list.
Onyema however declined to state if the company would list this year, saying issuers decide when to list.
“I believe that they are very sincere when they said that they will list in 2017.
“We are working with them but listing and when to list depends on the issuer, but we will work closely with them to encourage them to list,” Onyema said.
He said that the exchange would witness a lot of new listings in 2017, noting that Med-View Airline would be listed this January, while Jaiz Bank had been given approval to list.
Recall that MTN Nigeria in June 2016 said that it would list its shares on the NSE in 2017.
Analysts say the decision was part of agreement the company reached with the Federal Government as a condition for slashing the fine imposed on it by the Nigerian Communications Commission (NCC) from 5.2 billion dollars to N330 billion.
The fine was imposed when the Nigerian subsidiary, MTN Nigeria, was found to have breached the ‘know-your-customer’ rules, set by the NCC.
The South African firm in a statement says it has appointed Stanbic IBTC Capital Ltd, Standard Bank of South Africa Ltd. and Standard Advisory London (collectively “Stanbic”) and Citigroup Global Markets Ltd., (“Citi”) as its joint transaction advisors and joint global coordinators.
On the delisting of companies from NSE, he explained that the market was “free entry, free exit’’.
Onyema, however, said that the exchange would continue to create a market space for issuers to list and stay in the market.
According to him, NSE will continue to make the market attractive for issuers to come and raise and stay too.
He said that the exchange would do a comprehensive review of market makers programme to make them more efficient in the market.
Speaking on the suspended Code of Corporate Governance (CCG) of the Reporting Council (FRC), Onyema said that the code should be reviewed to be in line with other existing codes in the country.
Onyema said that the suspended CCG would not affect investors’ confidence in the market.
He explained that the code needed more work to be consistent and to address the concern of all stakeholders.
The shareholders, before the suspension of the controversial code, kicked against its stance that says only accountants will be qualified to audit committee members of quoted companies.