July 5, 2017

MTN to digitalise listing on Stock Exchange

MTN Nigeria has said that its listing on the Nigeria Stock Exchange, NSE, will bring a digital era into activities of the exchange. The operator said this after dropping a hint that it may apply to be fully listed on the NSE before the end of the year, but that the application processes would be in a digitalised way with minimal utilisation of paper.

General Manager of the company, Mr. Nikiwe Tsaagane, revealed that MTN was partnering with the NSE and relevant stakeholders in the telecom sector, including the regulator, the Nigerian Communications Commission, NCC, to develop an app that would allow potential shareholders to subscribe to its shares digitally instead of the usually manual process involving a lot of paper works.

He added that with such initiatives Nigeria would get properly digitized even as the economy gets bolstered. Tsaagane who also paid a courtesy visit to the Minister of Science and Technology, Dr Ogbonnaya Onu, weekend, said: “we are working with the Nigeria Stock Exchange to develop application platform to make our customers to be able to apply online. Nigeria will be first place of doing such digital application.

“It is going to offer important role in capital market as it will be one of the largest transactions in Africa. This will showcase Nigeria in the global economy if we can achieve it. The transaction is structured by ensuring that it’s data based and inclusive as we ensure that our Nigerian customers are able to participate.”

According to him, MTN already has 62 million subscribers in Nigeria which represents a significant Nigerian population, so the effort would help to fast-track improvement in Nigerian economy.

He stated that Nigerian Communication Commission and Nigeria Stock Exchange among others were fully in support of the programme to realise the plan. Tsaagane told Onu that MTN would like to partner with his ministry to enjoy its know-how and leadership, adding, “We will ensure that all the stakeholders in different sectors will be incorporated and it is important to obtain your input, support and guidance.”

Responding, Onu said the ministry would collaborate with MTN in line with its policy supporting any brilliant idea capable of growing the nation. “We commend MTN for its contribution to our economy. We will support you, study your proposal and make our own view,” Onu said.