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MTN Group has hinted it will be going to public in Nigeria and Ghana, but only 30% stake in the Nigeria business would be sold to the public to raise between $500 - 700 million. MTN Nigeria is currently estimated to worth $4 billion and a sell 30% for $500 million is considered a discount for Nigerian investors that will be subscribing to the company's shares when it is made public.

According to information on the deal, the Initial Public Offer (IPO) is planned for any time before June 2018 and Standard Bank Group and Citigroup are advising MTN Group on selling 30% of MTN Nigeria on the Nigerian Stock Exchange (NSE).

 

Listing on the Lagos bourse is one of the terms of the agreement reached in June 2016 between the Nigerian Communications Commission (NCC) and the company to cut down the $5.4 billion fine imposed on MTN Nigeria for failing to disconnect unregistered subscribers from its network.

 

The NCC recently disclosed that MTN has only paid one-third (N110bn) of the sum (N330bn) the 2016 fine was reduced.

 

Mr Oscar Onyema, CEO of NSE, also confirmed during the NSE briefing on the Nigerian stock market in 2017 and outlook for 2018 that the bourse is working with MTN on the listing. The Securities and Exchange Commission (SEC) is also said to be in discussion on how the IPO will be structured.

 

The deal is expected to be the biggest initial public offering on the Lagos exchange since 2010.

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