EFCC Raid MTN Headquarters

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The Falomo Ikoyi Lagos Head Office of the telecommunications giant MTN Friday evening was raided by officials of the Economic and Financial Crimes Commission EFCC.

The raid was said to be linked to alleged manipulation of the shares of the company which was recently listed on the Nigerians Stock Exchange.

Recall that as a way of an introduction listing, the telecomunication giant had on May 16, listed its shares on the Nigerian Stock Exchange (NSE).
The listing by introduction meant that the shares of existing MTN Nigeria shareholders were listed without an additional public sale of shares.
This, it meant, all MTN Nigeria shareholders are free to trade their shares on the NSE.
However, manipulations, irregularities and scarcity have been linked to the share listing following its debut.
MTN had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE, a par value N0.02.
However, top management staff of MTN, it was gathered, were interrogated by the operatives of the anti-graft agency, who stormed the telco’s corporate headquarters at about 4pm on Friday.
There were no official confirmation from MTN as well as the EFCC as at press time.

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