MTN Cries, As EFCC Probes It's Alleged Manipulation Of Own Shares

MTN Nigeria Communication Plc

MTN Nigeria Communication Plc, has reacted over what it said it's currently experiencing in the hands of the Economic and Financial Crimes Commission (EFCC), investigating it over an allegation bothering on manipulation of its share that was recently listed on the Nigerian Stock Exchange (NSE).

Mr. Uto Ukpanah, the Company Secretary on Saturday, in a statement confirmed the situation.

The communication company in the statement revealed that EFCC had already requested for some information relating to the May 16 listing.

Going further, MTN said it obtained all the necessary regulatory approvals before it commenced trading the stock.

“We wish to reiterate that we received all regulatory approvals required to list on the Nigerian Stock Exchange as publicly confirmed by the NSE Securities and Exchange Commission,” part of the statement read.

It could be recalled that MTN’s head office in Ikoyi, Lagos was raided on Friday by some officials of the anti graft Agency, Ripples Nigeria reports.

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In the past three years, the telecoms company has been embroiled in legal and regulatory issues in Nigeria, which is its largest market in Africa.

The listing on the NSE was a condition of a settlement reached with the Nigerian Communications Commission in 2016 over failure to disconnect SIM cards of unregistered subscribers as directed by the commission.