Apr 19, 2018 Last Updated 8:53 AM, Apr 17, 2018

MTN to list Nigerian unit in IPO this year

MTNABNABN - South Africa’s MTN Group will list its Nigerian unit in an initial public offering (IPO) at some point in 2018, said chief executive Rob Shuter.

Speaking in Lagos, the chief said plans were well advanced and the mobile phone operator would provide exact terms of the IPO in the next few months.

“We are well advanced with the Nigerian listing. If market conditions are appropriate we should conclude it this year,” he said.

The telecoms group is targeting 60 million customers via mobile services over the next three years, up from 23 million currently across the 14 markets within which it has launched in.

Shuter was in Lagos to sign an agreement with Ecobank, forming a partnership on mobile banking across Africa.

The came on the back of an announcement by Kenya’s three top telecoms companies on Friday to offer cross-network money transfers by mobile phone.

@ABNetworkOnline

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