• Breaking News

    Ad

    EFCC To Investigate MTN Nigeria Top Management For Fraud

    The listing of MTN Nigeria Communications Plc shares on the Nigerian Stock Exchange (NSE) is presently under the investigation of the Economic and Financial Crimes Commission (EFCC).

    Operatives of the agency were, on Friday, at the head office of the telecommunications office located in the Falomo area of Lagos State to ask some questions pertaining the process.


    In quick response to the invasion of EFCC, the company, in a statement released to the NSE on Saturday, confirmed that the anti-graft agency was indeed at its office, but only to ask questions about its listing on the stock exchange.

    EFCC To Investigate MTN Nigeria Top Management For Fraud

    “MIN Nigeria Communications PLC (MTN 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.

    MTN Nigeria listed its shares on the nation’s bourse two weeks ago, but the stocks have not been readily available to retail investors, spurring insinuations that the holders were hoarding the priced asset so as to push the value up and make huge gains.

    Last week, when reports of allegations of share manipulation hit the media, both the NSE and MTN Nigeria had to release different statements to debunk the claims.

    It should however be noted that MTN Nigeria listed its shares on the stock exchange by introduction, meaning only the existing shares of the company already allotted during a private placement years ago were admitted for trading with no new ones created for new investors.

    No comments:

    Post a Comment

    Ads