Standard Bank & Citigroup Inc Named as MTN Nigeria Listing Advisers

The largest Telecom Company in Africa MTN Group Ltd. has appointed units of Citigroup Inc. and Standard Bank Group Ltd. as advisers on a planned listing of the wireless company’s Nigeria business in the country’s local stock exchange, this is however part of a deal struck with the West African nation’s government to settle a record fine.

Africa’s biggest Telecom Company MTN is targeting a listing of the Nigeria unit in 2017, “subject to suitable market conditions,” the South African based company said in a statement released on Thursday

Stanbic IBTC Capital, the Nigerian arm of Johannesburg-based Standard Bank, will be the lead issuing house, while a full syndicate including Nigerian parties will be appointed in due course.

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MTN also agreed to list the unit in Nigeria, the company’s biggest market, as part of a deal to pay a 330 billion naira ($1 billion) fine in cash to the Nigerian government for missing a deadline to disconnect unregistered subscribers. The shares gained 0.2 percent to 144.28 rand as of 9:05 a.m. in Johannesburg, still 24 percent lower than when the fine was levied in October.

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