Nigeria provides the largest market for Africa’s biggest telecoms firm -MTN. With 52.3 million users in 2017, the country accounted for a third of the company’s annual core profit. But there are problems being faced by the company in the recent past . In 2016, MTN said it had plans to list local unit in Nigeria’s Stock Exchange. With that understanding, the company agreed to pay a reduced fine of US$1.7 billion in a settlement with Nigeria’s government. The penalty was imposed because the company alleged to have siphoned off the money from Nigeria over unregistered SIM cards. That time also, the company has made it clear it would list on the Nigerian bourse in the first half of 2019. Now, they have applied for registration for listing. As a first step, they have decided to convert into a publicly quoted company. The private shareholders can dispose of their shares at the exchange. ahead of its planned listing. The conversion was a legal requirement to prepare for the listing and the company expects to list the unit without raising money from investors immediately
