The regulatory action taken by the Nigerian Communications Commission (NCC) to facilitate the listing of MTN Nigeria on the stock exchange market has continued to bring economic gains, the Executive Vice Chairman (EVC) of the Commission, Prof. Umar Garba Danbatta, has said.
Market analysts report that MTN investors have raked in approximately N1 trillion in price appreciation and dividends since April 2020.
The listing of MTN was as a result of NCC’s effective regulatory action taken during the mobile network operator’s fine settlement agreement in 2016, which compelled the telco to, among other things, list on the Nigerian Stock Exchange (NSE), Prof Danbatta said yesterday in a statement.
“This is in line with its mandate to promote investment, create a level-playing field for all licensees, ensure compliance to existing telecoms laws and facilitate delivery of top-notch quality of service (QoS) to consumers.
“That important regulatory action enabled Nigerians, consistent with the Nigerian Communications Act (NCA) 2003, to partly, own, manage and control MTN. This bold and courageous regulatory action is now transforming lives and boosting the economy,” the EVC stated.
Danbatta also stated that the listing has helped to translate into action, an important objective of the Commission, which is to promote local investment and ownership in the telecom sector.