MTN Confirms EFCC Probe of Alleged Share Manipulation

By Emma Okonji

MTN Nigeria Communications Plc has confirmed that the Economic and Financial Crimes Commission (EFCC) is probing the listing of its shares on the Nigerian Stock Exchange.

THISDAY gathered that the EFCC team stormed the MTN office at Falomo in Ikoyi, Lagos, Friday at about 4pm and demanded for certain documents, which were promptly given to them.
Although it was not clear as at press time on friday the reason for the visit and the type of documents that were handed over to EFCC by MTN, THISDAY however learnt that the visit and quizzing of MTN management staff was not unconnected with the alleged manipulation in the recent MTN listing on the Nigerian Stock Exchange (NSE).
But in a letter signed by the telecoms company secretary, Uto Ukpanah, MTN confirmed the probe but denied any wrong doing.

The letter read: MTN Nigeria Communications PLC (MIN Nigeria) received a letter on May 23, 2019 from The Economic and Financial Crimes Commission (EFCC) requesting Information and documentation related to the listing of our shares on the Nigerian Stock Exchange (NSE) MTN Nigeria has not been accused of any wrongdoing by the EFCC.
“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 citizen, 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.”