Tension as EFCC Operatives Storm MTN Office

The Economic and Financial Crimes Commission (EFCC) on Friday stormed the Falomo office of telecommunications firm, MTN.

Sources say the raid was not unconnected to the recent share listing of MTN on the Nigerian Stock Exchange (NSE).

Claims of manipulations, irregularities and scarcity have been linked to the share listing since it debuted on the NSE on May 16.

The South African telecommunications firm had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE, a par value N0.02.The listing of MTN Nigeria was the most anticipated and biggest on the floor of the exchange, as the Nigerian stock market rebounded.

Though, there no official confirmation from MTN as at press time about the EFCC visit, but an insider said the EFCC came around 4pm, met with the management and went away with some documents after some deliberations, Guardian writes.

The source said: the visit “may have had to do with our recent share listing. They asked MTN to list, we have listed, now they are disturbing us. I don’t know how we are going to attract investments in the face of intimidation and unrest.

“The EFCC came this afternoon, met with the management and I think they went with some documents.”

When contacted, EFCC spokesman, Tony Orilade, denied knowledge of the purpose of the visit, simply saying: “If an EFCC official had issues with his network provider, is that an issue. But I think he can visit to complain. But if you are talking about listing, I am not aware.”

Since the listing, there have been reports of scarcity of the shares and alleged manipulation, with stockbrokers decrying the inability of retail investors not having access to the shares on the floor of the NSE.


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