MTN’s Lagos office raided

Posted in categories

  • CyberREPORTs
Publish date 27 May 2019
Issue Number 1783
Diary Legalbrief eLaw
MTN’s Nigeria listing is being investigated by local authorities, the latest in a series of disputes in the wireless carrier’s largest market. A report on the Fin24 site notes that the Economic and Financial Crimes Commission has requested certain information ...

MTN’s Nigeria listing is being investigated by local authorities, the latest in a series of disputes in the wireless carrier’s largest market. A report on the Fin24 site notes that the Economic and Financial Crimes Commission has requested certain information and documentation regarding last week’s listing. MTN Nigeria Communications notes that the carrier hasn’t been accused of wrongdoing and received all the necessary regulator approvals to start trading the stock. On Friday, the company’s Lagos head office was raided by the Financial Crime Agency in connection with the probe. While Nigeria is central to MTN’s growth strategy and home to about 60m of the company’s subscribers, a string of accusations and legal claims by various authorities have impacted on its shares.