The shares of MTN Nigeria Communication Plc (MTNN) lowered by N9.95 or 7.11percent as at 1:12 pm on Monday May 27, 2019 as its demand continues to interact with supply.
Investors who took earlier position in the stock which was listed by introduction on the Nigerian Bourse may have started taking profit on recent capital appreciation. MTNN listed its 20.35billion shares at N90 per share.
The stock’s new low of N130.05 per share on the Nigerian Stock Exchange (NSE) from preceding day high of N140 came barely three days after the Telco’s office raid by officials of the Economic and Financial Crimes Commission (EFCC).
In a notice at the NSE, the management of foremost telecommunication company in Nigeria gave reasons why operatives of the Economic and Financial Crimes Commission raided their Lagos office on Friday.
In the statement signed by Company’s Secretary, Uto Ukpanah, MTNN said that the EFCC wrote the Telco on May 23, 2019, requesting information and documentation in connection with the shares recently listed of MTN Nigeria at the Nigerian Stock Exchange.
“MTN has not been accused of any wrongdoing,” the statement reads, adding that MTN received all regulatory approvals from the NSE and the Securities and Exchange Commission (SEC) in connection with the listed shares.
“As law abiding and responsible corporate citizens, we are cooperating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal republic of Nigeria,” Ukpanah added.
Iheanyi Nwachukwu
