THE ongoing clamour to list major companies in the telecommunications, power, oil and gas sectors of the economy through legislation was yesterday, opposed by MTN Nigeria.

The company also emphasised need for greater depth of the Nigerian capital market.

MTN Nigeria’s corporate services executive, Akinwale Goodluck said: “What I’m strongly against is mandatory listing. I think the market in Nigeria should be for willing buyers and sellers. It should not be by compulsion.

“If you look at the history of MTN since we started business in 2001, increasingly, we have looked at ways to increase local participation.

“In 2008, a significant part of our shareholding was sold to Nigerian investors. Today, that stock of shares is ‘tradable’. Perhaps, not on an exchange but its ‘tradable’ over the counter. It is quite a robust market. I think listing is one of several ways to expand ownership. The shareholders will be looking at all the options”.

Asked to comment on when the company will likely to approach the market for listing, Goodluck, who was a guest on Channels Television business programme said: “I wish I can answer that question. It will be best determined by shareholders. This matter has been on the front burner for a while and I think its receiving the attention of the people that need to consider it”.

He explained that the company will always support anything that encourages greater local participation and capacity building.

Nigeria is MTN’s largest operation with 41 million subscribers – almost double that of its South African entity. It is also the single largest GSM company in Nigeria.

unclenna:

i don't like the way Mtn and other SA companies operate in nigeria. The siphon nigerians of their cash and transfer all to there country. Mtn don't have any solid structure in Nigeria. Most of there assets are on lease. In 2010 they made over 500 million naira profit with out nigerians enjoying from it. There whole profit was transfered to south africa to develop it. Is also the same with Multi Choice.

neymar11:

The siphon nigerians of their cash and transfer all to there country. Mtn don't have any solid structure in Nigeria. Most of there assets are on lease. In 2010 they made over 500 million naira profit with out nigerians enjoying from it. [img]http://www.egala.info/g.php[/img]   

mkmyers45:

Can you blame them? Do you know how much OBJ collected officially and unofficially to give them license? Bro, they are being good businessmen

unclenna:

i don't like the way Mtn and other SA companies operate in nigeria. The siphon nigerians of their cash and transfer all to there country. Mtn don't have any solid structure in Nigeria. Most of there assets are on lease. In 2010 they made over 500 million naira profit with out nigerians enjoying from it. There whole profit was transfered to south africa to develop it. Is also the same with Multi Choice.

emron1:

no it should you don't just come to s country to make money and take to your country, you just don't give shares to a few selected individuals and claim to have local participation you must list inthe nigerian stock exchange so nigerians can be a part of the owners of mtn not just exploiting us openly and then employ a few nigerians and come out and claim to have impacted on nigerians.

Godman_n:

Can you name a country in the world, you are emulating? Why do you guys allow yourself to be manipulated a a selfish leadership? Is it MTN that ran down our NITEL? Did MTN not meet the requirement we set at the point of entry into the Business? Why make selective laws? Have we forced SHELL, Chelvron, and co to list their shares in the stock market even when we know those ones are just exporting crude resources without adding value. MTN came with an added value.

Let ask ourselves what killed Econet? Is it not the involvement of Lagos, Delta and AkwaIbom state governments. Why can't these lazy Nigeria elites build and run a company? Why must they look out for business to steal from?

What are the conditions that make it impossible for business to thrive in our country? I mean local business? Have these criminals changed it? Even the shares that was listed in the stock exchange in the past, did they protect it?

Now that it is in their interest to grab MTN shares with stolen public funds, they are weeping up sentiments to win a faulty case.

Believe you me, I am not a fan of MTN, I have a compilation of the crimes they have committed against Nigerians, but they did that with connivance of these criminals who want to turn around and grab their shares?

Wake up Nigerians, we are being fooled as usual. MTN is not a saint, but there is no case here. Let our politicians compel them to reduce the price of the phone calls in accordance with international standard if the war is about the interest of the people. They will not because all they want is crude and lazy accumulation of wealth.

If they are able and ready, let them give a licence to themselves, and build a TELECOM company from scratch. Let them buy over NITEL and resuscitate it.

Do not be deceived people. It is all for the thieves to buy off another people's sweat as they have been doing to us.

all4naija:

For license sake they should exempt the company from listing with NSE, is that what you are saying? In developed countries a company of that capacity must list with the stock exchange. The government should make it compulsory for big companies to list their shares with the stock exchange. on the other hand MNT listed with the Johannesburg exchange. Why should the case be different in Nigeria?

mukina2:

MTN Faults Move For Compulsory Listing Of Firms

http://businessnews.com.ng/2012/03/09/mtn-faults-move-for-compulsory-listing-of-firms/?utm_source=&utm_medium=twitter&utm_campaign=mtn-faults-move-for-compulsory-listing-of-firms

Godman_n:

Tell us the companies? Did they include the oil multinational and if not why?

Their target is MTN because, if they try the likes of Shell and Chelvron, even GEJ will sleep never to wake up. It is because they think they can handle South Africa, or put in a different way MTN is just a group of businessmen without the backup of a strong international spynetwork.

Secondly, all I have said is just the truth. It is purely against the spirit of free enterprise. How will you feel if you build up a company from scratch and someone else is trying to take over your business from behind? Tell me how the stock stuff will affect the lives of poor Nigerians?

Tell me what killed Econet or NITEL as I said. I can swear that MTN will die when Nigerians take over. Have Globacom been able to compete with MTN despite the stolen billions at their disposal? MTN is built by hardworking business men. Even when they are foreigners, we should not discourage them. We can compel them to re-invest in some other areas of our economy, but trying to take over their business from behind is a big evil.

I have said it. I wait to see the repercussion. My headache is that even those of us that are innocent will suffer from this wicked decision as always.

Seun:

Dude. The people they rent their assets from are Nigerians. The vast majority of their employees are Nigerians. They pay tax to the Nigerian government. They provide telecoms services to Nigerians. Their contractors are Nigerian companies. And I bet they have quite a few Nigerian shareholders. So how can you say that Nigerians did not "enjoy from" their success? There's a lot to criticize about MTN, but making a just and legal profit is not one of those things.

Hmmm. . . .be like sey Oga don get PA cos he seems to be posting more and more on NL these days

all4naija:

You should stop arguing blindly. Somebody even pointed out that Dangote and Oando companies were forced to do something similar to that in South Africa. Why should Nigeria be the only country to be coerced to abide by conditions set by other countries and the reverse is always the case back home? You guys should stop putting this country down in everything.

unclenna:

i don't like the way Mtn and other SA companies operate in nigeria. The siphon nigerians of their cash and transfer all to there country. Mtn don't have any solid structure in Nigeria. Most of there assets are on lease. In 2010 they made over 500 million naira profit with out nigerians enjoying from it. There whole profit was transfered to south africa to develop it. Is also the same with Multi Choice.

all4naija:

You should stop arguing blindly. Somebody even pointed out that Dangote and Oando companies were forced to do something similar to that in South Africa. Why should Nigeria be the only country to be coerced to abide by conditions set by other countries and the reverse is always the case back home? You guys should stop putting this country down in everything.

Godman_n:

But you failed to tell me why they will not compel Shell, Chelvrom, and co?

Godman_n:

But you failed to tell me why they will not compel Shell, Chelvrom, and co?

Funkymallam:

Dude, stop d arguement and read well again, u r making a joke of urself here.
The artile stated that they are trying to legistlate a law that will compel all major companies in oil, telecomunications and others to be listed in d NSE but MTN is challenging the idea not that they r d only ones compelled.

If it happens GLO, AIRTEL and ETISALAT will all be affected.

U type long epistles but fail to read b4 u argue.

Godman_n:

Let see how it goes. Let see if and when they succeed who their target is.I don't need to read this post. I know what the games are, because I have heard this long ago and has been following up.

Will be glad to bet with anyone if they can get the oil multinationals. I repeat, if they try it, even GEJ will sleep never to wake up. let them stop them first from polluting our environment, gas flaring and oil spillages, let alone taking control for the business by forcing them to sell shares.

I just have to painfully laugh this off

yinchar:

Its actually not there fault, its because we are been led by group of useless politicians, in many country, even India for example, NO Nigerian is allowed to work here, its in their law, a foreigner can only work if there is no Indian to fill the post, they will not even allow, but go to Nigeria, then you see Indians working, living the life they did not even dreamt of and cant live in the country, I hope by the time we realize all this it wont be too late for us, i guess it even late already,