MTN to sell 14% shares to Nigerian investors, to rehabilitate Enugu-Onitsha expressway

MTN Nigeria Communications Plc, has said that it will be selling 14% of its shares to over 2 million Nigerian retail investors.

This is as it has restated its planned participation in the restoration and rehabilitation of the Onitsha-Enugu Expressway through the Federal Government’s Road Infrastructure Tax Credit (RITC) Scheme.

This disclosure was made by the Chief Executive Officer of MTN Nigeria, Karl Toriola, during the company’s 20th-anniversary celebration held on Sunday in Lagos, according to NAN.

- Advertisement -

Toriola said that the participation in the road project is in response to the federal government’s drive towards public-private partnership in the rehabilitation of critical road infrastructure in Nigeria.

What the Chief Executive Officer of MTN is saying

Toriola said, “We’ve initiated plans for the construction of a purpose-built, state-of-the-art head office in Lagos. We will also be selling down 14% of MTN shares to over two million Nigerian retail investors.’’

- Advertisement -

He expressed appreciation to the government for its vision in liberalising the telecommunications sector and the robust framework developed by the regulators.

“We firmly believe that Nigeria’s digital journey is only just beginning and that the future is filled with promises. Working together, we can and will build the more prosperous and inclusive future we seek and empower even more Nigerian to do greater things.’’

What the Chairman of MTN Nigeria is saying

Also at the event, the Chairman of MTN Nigeria, Dr. Ernest Ndukwe said that the mobile network operator will invest more than N600 billion in network infrastructure over the next 3 years to improve telecommunications services across the country.

He said that MTN was also committed to specifically expanding its rural connectivity to reach areas that were underserved across the country.

Ndukwe said, “We plan to connect approximately 1000 rural communities to our network this year with an additional 2000 communities in 2022.’’

The MTN Chairman expressed optimism about what the future holds for Nigeria’s digital economy and looked forward to building it together with all stakeholders.

What you should know

• It can be recalled that 3 years after it was first mooted as part of the $1.6 billion settlement in a sim card authentication dispute with the Federal government, MTN Nigeria, in May 2019, completed its listing on the Nigerian Stock Exchange.
• Following a “listing by introduction”, MTN Nigeria, had listed 20 billion ordinary shares at $0.25 each. Unlike with an initial public offering (IPO), MTN Nigeria did not raise new funding as it has only listed already existing shares.
• The telecommunication company launched its services on August 8, 2001, connecting about 69 million people in communities across the country to date and currently provides services in 223 cities and towns, in over 10,000 villages and communities, in the 36 states, and the Federal Capital Territory.