MTN’s cut-price Nigerian float has silver linings edwardcropley
South African mobile phone group MTN will list shares in its Nigerian unit on the Lagos Stock Exchange on May 16, fulfilling a commitment made to the government in 2016.
Nigeria is one of MTN’s most profitable markets. In the first quarter of 2019, it generated EBITDA of 150 billion naira , a 44% increase on the same period a year ago, on revenue of 282 billion naira. MTN paid $53 million last year to resolve a dispute with Nigeria’s central bank over $8 billion in repatriated dividends. However, it remains locked in a legal battle with Abuja over $2 billion of taxes the government says it has not paid.
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