FG says Telcos must get listed on NSE or face penalties

The federal government has said that telecommunication companies operating in Nigeria must quickly conclude plans to get listed on the Nigerian Stock Exchange (NSE) or face regulatory penalties from their compliance failures.

Mr. Adebayo Shittu, minister of Communications, stated this in Abuja when mobile telecommunication firm, MTN and distributed renewable energy (DRE) firm, Lumos, launched the national rollout plan of their portable, affordable, easy to install solar power home systems (SHS). He said the telecommunication outfits must allow their shares to be open for public subscription at the NSE.

Though Shittu did not disclose any deadline for this to happen, he however explained that the government would eventually take punitive actions against firms that fail on this.

He added that the firms must be willing to give Nigerian investors the opportunity to be part of their businesses and the eventual outcomes from them in terms of profits and losses.