Illegal transfer charges threaten MTN’s listing- Minister

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Minister of Communications Adebayo Shittu.

The Minister of Communications, Mr. Adebayo Shittu, says Nigeria must not scare away MTN from the country, as lawmakers investigate alleged illegal money transfers just three months after the government fined the telecoms firm over $1bn.

This development is believed to be a threat to the plan by the telco to list its shares on the floor of the Nigerian Stock Exchange this year, as the MTN Group Limited, said on Friday that it might put off plans to list its Nigerian operation until 2018 as it works to resolve a regulatory dispute and awaits an economic recovery in the country.

“It’s a work in progress and hopefully within the 12 to 18-month period, we will be able to do it,” MTN Chairman and Acting Chief Executive Officer, Phuthuma Nhleko, said at the annual meeting of the World Economic Forum in Davos, Switzerland.

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