MTN group will not list its shares on the Nigerian Stock Exchange (NSE) in 2017, from all indications.

This position was made known by its Chief Executive Officer, Phuthuma Nhleko; while speaking at the World Economic Forum in Davos, Switzerland.

“It’s a work in progress and hopefully within the 12 to 18-month period we will be able to do it. Regulatory issues need to be resolved, and the macro conditions need to have improved.”

“We’ve always intended to list — we have reaffirmed that with the government. Clearly, we can only list when the conditions are conducive,” Nhleko added.

MTN had agreed as part of settlement for a N1.04 trillion fine, which was later reduced to N330 billion; to list its shares on NSE and it provided timelines of 2017. The fine was imposed by the Federal Government of Nigeria, for failing to deactivate 5 million unregistered SIM cards.

The company has already paid N80 billion and will continue payments for three years until the N330 billion fine is exhausted.