EFCC Raids MTN Nigeria Head Office Over Share Listing


Agents of the Economic and Financial Crimes Commission (EFCC), on Friday, May 24, 2019, struck the workplace of MTN Nigeria in Falomo Ikoyi, Lagos, closing down all exercises in the Complex, Brand Spur has learnt.

MTN Nigeria Head Office MTN Logo MTN Building

This is in what a source said was associated with protests identifying with the media transmission’s ongoing posting in the market.


The agents of the counter unite office were said to have raged the MTN’s office in Lagos, where it met with top key authorities of the organization and requested a few reports identifying with its posting at the NSE.

While the purpose behind the strike couldn’t be found out at the season of detailing, Brand Spur, sources state individuals from the organization raged the telco’s head office, ceasing all exercises for supposed deceitful budgetary exercises relating to the organization’s ongoing posting on the Nigerian Stock Exchange (NSE).

“I trust the EFCC was educated that MTN was controlling figures and furthermore, perhaps due to misrepresentation relating to the organization’s posting,” the source said.

Brand Spur connected with the telco’s Public Relations Officer, Funso Aina, who neither denied nor conceded that the organization was struck, yet stated: “We will convey an announcement with that impact very soon”.

Enormous players in the Nigerian capital market additionally believe that if MTN shares keep on climbing the manner in which it is rising they stand the danger of being deposed from their vantage positions as the market heads.

They are accepted to be keen on the accounts making the rounds that the shortage of the MTN shares is an element of control.

No official of the EFCC and MTN was set up to be put on record on the issue.

MTN Nigeria was recorded at a sum of 20, 354,513,050 at N90 per share on May 16, after the organization had finished all the important advances required by the NSE for posting which prompted the endorsement.

Upon the arrival of the posting, MTN Nigeria was accounted for to have developed as the second biggest organization on the country’s bourse after Dangote Cement with a market capitalisation of N1.83 trillion.

Disregarding its first day bullish excursion, the offers of MTN Nigeria recorded its first value misfortune on the Nigerian Stock Exchange (NSE) on Friday after its posting on May 16.

The stock plunged N9 to close at N140 per share following benefit taking.

The broadcast communications organization had recorded 20.35 billion offers at N90 per share which recorded consistent development to hit N149 per share.

The market capitalisation shed N263 billion or 1.90 percent to close at N13.601 trillion contrasted and N13.864 trillion recorded on Thursday.

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