Airtel Nigeria has joined MTN in considering getting listed on the Nigerian Stock Exchange (NSE). The company’s local listing intention was revealed by its Chief Executive Officer and Managing Director, Segun Ogunsanya, while speaking at a roundtable organized by the NSE and Bloomberg.
According to him, the company is hoping to – and considering getting listed in Nigeria. He said the move is going to be made public when it best for the country and company.
“There are plans to look at every option. It is something we are going to consider. I am going to have some discussions with the president of the exchange on how and when we are going to do this and we will do what is best for the economy and the company at the right time,” Ogunsanya said.
Even though Nigeria’s telecoms industry is the biggest on the continent, the reluctance of the telecoms companies to become locally listed had limited the contribution of the sector to the country’s economy to be just 17 per cent.
The only major recent announcement to pursue local listing was made by MTN and it was an agreement it reached as part of the settlement arrangement with the Nigerian government regarding the industry record fine it incurred for refusing to disconnect unregistered lines found active on the network.
MTN said it would list the Nigerian arm of its operations on the NSE next year.
