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MTN explains EFCC’s visit, claims no wrongdoing

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MTN

Telecommunications firm, MTN has said the Economic and Financial Crimes Commission’s (EFCC) visit to its head office on Friday was to clarify issues relating to its share listing on the Nigerian Stock Exchange (NSE).
  
MTN had on May 16, listed by introduction 20 billion ordinary shares at ₦90 with a par value of ₦0.02.
  
The listing had been alleged to be shrouded in secrecy and some form of manipulations. The complaints, most especially from local investors, prompted EFCC’s visit and questioning of top management staff.
    
Reacting to the development, MTN, in a statement made available to journalists, yesterday, confirmed the EFCC’s visit, stressing that it had not been accused of any wrongdoing.
  
The South African telecommunications firm said EFCC came, requesting for information and documentation related to the listing of the shares.
 
The MTN’s statement titled: “Economic and Financial Crimes Commission (EFCC) Investigation and Information Request,” which was signed by the Company Secretary, Uto Ukpanah, reads: “We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by The Nigerian Stock Exchange and the Securities and Exchange Commission (SEC).
  
“As a law-abiding and responsible corporate citizens, we are cooperating fully with the authorities.
  
“We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria.”
   
The Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, told The Guardian, there was no cause for alarm.


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