By Uzoma Akobundu
The management of foremost telecommunication company in Nigeria, MTN have given reasons why operatives of the Economic and Financial Crimes Commission (EFCC) raided their Lagos office on Friday.
MTN statement
It was a confirmation of the exclusive copy by this online medium which MTN officials tactically refused to speak on by press time when they were contacted.
However, in a statement they sent to Armadanews.com on Saturday, and signed by the Company’s Secretary, Uto Ukpanah, MTN also confirmed that the EFCC wrote the telcom on May 23, 2019, requesting information and documentation in connection with the shares over recent listing of MTN Nigeria at the Nigerian Stock Exchange (NSE).
“MTN has not been accused of any wrongdoing,” Ukpanah wrote.
The statement added that MTN received all regulatory approvals from the NSE and the Security and Exchange Commission (SEC) in connection with the listed shares.
“As law abiding and responsible corporate citizens, we are cooperating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal republic of Nigeria,” Ukpanah added.
Armadanews.com story on Friday read:
Operatives of the Economic and Financial Crimes Commission (EFCC) have raided the office of MTN in what a source said was connected to complaints relating to the telecommunication’s recent listing in the market.
MTN
Consequently, top management personnel of MTN have been quizzed as they are being fingered in the scandal rocking the recent MTN listing.
The operatives of the anti-graft agency were said to have stormed the MTN’s office in Lagos on Friday, searching frantically for documents in connection with the listing and asking to speak with critical officials.
There are complaints from several unnamed brokers that the shares of MTN are not available for the public to buy despite the recent listing that was greeted by huge excitement.
Sources said the astronomical rise in the MTN shares few days after the telecommunications giant went public is another source of concern to market watchers, most of who are said to be thinking that some underhand deals must be in the offing.
Big players in the Nigerian capital market also think that if MTN shares continue to climb the way it is rising they stand the risk of being dethroned from their vantage positions as the market leaders.
They are believed to be interested in the stories making the rounds that the scarcity of the MTN shares is a function of manipulation.
No official of the EFCC and MTN was prepared to be put on record on the matter.
One official of EFCC who volunteered to speak told this online newspaper that he was on transit and unable to confirm the development when he was contacted.
Funso Aina of the MTN did not also take his calls when repeatedly contacted.