EFCC halt all activities at MTN head office; allege shares manipulations during NSE listing

Eye witness described that there was heavy panicking as operatives of the Economic and Financial Crimes Commission swamped MTN head office in Falomo, Ikoyi Lagos, halting all activities in the complex.

As at the time of filing this report,it was not cleared the motive behind the raid on MTN head office, however multiple sources are confirming to us that it in connection with alleged fraudulent financial activities pertaining to the company’s recent listing on the Nigerian Stock Exchange (NSE).

“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s recent listing,” the source said.

When contacted, Funso Aina, Senior Manager, External Relations of MTN Nigeria, who neither denied nor admitted that the company was raided, sent amehnews a whatsapp message on the  MTN Nigeria letter head stated below:

Economic and Financial Crimes Commission  (EFCC) Investigation and Information Request

MTN Nigeria Communications Plc (MTN Nigeria) received a letter on May 23, 2019 from Economic and Financial Crimes Commission  (EFCC) requesting information and documentations related to the listing our shares on the Nigerian Stock Exchange  (NSE). MTN Nigeria has not been accused of any wrong doing by the  EFCC

We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian  stock exchange as publicly confirmed by the Securities and Exchange Commissions  (SEC) and the Nigerian Stock Exchange.

As a law abiding and responsible corporate citizen. We are cooperating fully with authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria.

Signed by Uto Ukpanah

Company Secretary  dated Saturday May 25, 2019

Amehnews further contacted market expert through telephone , who stated that MTN Nigeria shares has not be manipulated as it was alleged adding that Dangote Cement price behaved the same manner, when it was listed.

Also cited Jumia shares prices as likewise, when it was listed on the New York Stock Exchage.

Another stakeholder in the market queries, when contacted, why EFCC did not background check with the Nigerian Stock Exchage first before MTN Nigeria.?

 

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *