MTN Group, a prominent telecommunications company, is moving forward with plans to list its Nigerian unit on the Nigerian Stock Exchange (NSE) by the end of 2018. This announcement was made by Chief Executive Officer, Rob Shuter, revising an earlier suggestion in November 2017 that the process would conclude by mid-year 2018. Shuter confirmed the progress, stating that the listing would be finalized by year-end if market conditions are appropriate.

The decision to pursue an initial public offering (IPO) in Nigeria stems from a settlement agreement for a substantial fine imposed by local regulators in 2015. MTN had initially faced a N1.04 trillion penalty for its failure to disconnect unregistered subscribers within the stipulated deadline. Following extensive negotiations with both the Nigerian Communications Commission (NCC) and the Federal Government, this fine was reduced to N330 billion (approximately $1 billion).

For its Nigerian listing, MTN aims to raise at least $500 million through the sale of shares. Unidentified sources familiar with the matter indicate that the company could potentially dispose of as much as 30 percent of its Lagos-based unit. This move is part of the broader strategy to address regulatory requirements and enhance local participation.

In parallel, MTN Group is also preparing for the listing of a 35 percent stake in its local unit in Ghana. This Ghanaian IPO is part of a strategic deal with the government related to the use of fourth-generation (4G) spectrum, which provides high-speed mobile data services. Rob Shuter, while declining to provide specific details, noted that the Ghana IPO is