Speculators on the Nigerian Stock Exchange (NSE) and partners hanging tight to buy the offers of MTN Nigeria Communications Plc through the first sale of stock (IPO) may do as such at a high premium at whatever point the telco chooses to glide the IPO.

This is a result of the free buoy convenience MTN Nigeria was allowed by the capital market controllers to make ready for its posting last Thursday, even as MTN practiced its alternative on inclination shares worth N145 billion every day after the posting and proceeded to get a further N200 billion from Nigerian banks, to satisfy the inclination investors at the posting cost of N90 per share, a source uncovered.

These advancements are as of now making illiquidity and driving MTN Nigeria's offer value, which picked up 21 percent in only two exchanging sessions, from the N90 per share it was recorded last Thursday, to the N108.90 per share it shut on Friday.

Investigators revealed to THISDAY that the goal of the repressed interest on MTN Nigeria's offers was to drive the cost of the stock exceptionally high before any offer offering through an IPO.

Moreover, one investigator said the IPO may set aside a more extended effort to come, as the telco is told to stow away under the affirmed $2 billion expense liabilities slapped on them by the Office of The Attorney General ( AGF) rather than the Federal Inland Revenue Service( FIRS) to defer the open offer offering that was relied upon to be valuable to a mess of retail financial specialists and partners, while few existing investors are as of now making feed in an illiquid showcase for MTN shares.

As per a source who is exceptionally acquainted with MTN Nigeria's undertakings, "The majority of the financial specialists, lost esteem due to the Central Bank of Nigeria (CBN) fine a year ago. Thus, this Listing by Introduction in the NSE was being intended to make an "esteem recuperation" for the past speculators and make ready for them to auction their offers, in the wake of driving the cost to the ideal dimension which a senior stock intermediary said was sheer " share control." He further opined that "this can occur in Nigeria. On the off chance that you attempt such in The New York Stock Exchange or even the Johannesburg Stock Exchange, the controllers and law implementation will jump on you."

"There are around 700 investors who came in through the private arrangement that is right now permitted to cross these offers among themselves and with different purchasers. Be that as it may, the rest of the A-rundown investors and chiefs have been advised by legal advisors not to exploit the present value gratefulness until the IPO to maintain a strategic distance from legal difficulties and law implementation request.

"So they need this offer to ascend to more than N150 to N200 per share, which enables them to recuperate and from there on, the organization would now glide an IPO…. What they (MTN Nigeria) are telling the business sectors and controllers is that they are postponing the IPO on account of the AGF's order on unfulfilled duty obligations."

Another investigator demanded, "What they are attempting to do is to control their offer cost to a dimension, at that point do their IPO."

read more: https://gistok.ng/concern-mounts-over-possible-share-manipulation-in-mtns-nse-listing/

I can already smell the scam MTN is trying to pull off here.

This won't be any different from the scams perpetuated by one former SEC DG Onyi Okereke with the over-inflated banks shares in the mid 2000s.

Na only God know how much I lose from those worthless shares...

gistok, u better start posting established news links, instead of ur blog.

I find it hard to believe that such atrocious grammar can be from a reliable publisher.

where is the thisday link?

daddytime:
I can already smell the scam MTN is trying to pull off here.

This won't be any different from the scams perpetuated by one former SEC DG Onyi Okereke with the over-inflated banks shares in the mid 2000s.

Na only God know how much I lose from those worthless shares...

it seems jumia is having similar issues in d NYSE.
time will tell.

DZTech:
it seems jumia is having similar issues in d NYSE.
time will tell.

Too much manipulations going on in the market