Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


MTN Lists & Leaps in Nigeria

Article Image
Following a series of hurdles and disputes with various authorities, which are not yet all resolved, MTN finally executed on its IPO plans in Nigeria and listed some shares on the Premium Board of the NSE on Thursday, May 16.

The impact was instant. MTN listed the shares at 90 Nigerian Naira and within minutes the stock had gained 10% in value to hit 99 Naira. According to Bloomberg, that price values the operator at 2 trillion Naira (US$5.5 billion) and makes it the second biggest company by valuation on the NSE.

The operator still needs to settle its ongoing tax dispute with Nigeria's Attorney General. Once that is concluded, the operator expects to float further stock on the NSE and ultimately have about 35% of its shares trading on the exchange. (See MTN Wins First Round of Nigerian Tax Fight.)

MTN's Nigerian operation is the largest service provider in the country, with a near 36% share of a market that has almost 170 users, according to research house Ovum. The operation is a major contributor to MTN's ongoing financial success. (See Major Markets Help MTN Deliver a Strong Q1.)

Ray Le Maistre, Editor-in-Chief, Light Reading for Connecting Africa.

Innovation hub


Five mobility startups to watch in 2024

Connecting Africa has compiled a list of five mobility startups that are making a difference in the communities they serve.


Orange Ventures, Digital Africa promise more funding for startups

Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa's Fuz program and the Orange Digital Center network.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives


How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.


Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002