Operatives of the Economic and Financial Crimes Commission (EFCC), on Friday, May 24, 2019, raided the office of MTN Nigeria in Falomo Ikoyi, Lagos, shutting down all activities in the Complex, Brand Spur has learnt. This is in what a source said was connected to complaints relating to the telecommunication’s recent listing in the market.

The operatives of the anti-graft agency were said to have stormed the MTN’s office in Lagos, where it met with top key officials of the company and demanded some documents relating to its listing at the NSE.

While the reason for the raid could not be ascertained at the time of reporting, Brand Spur, sources say members of the agency stormed the telco’s head office, stopping all activities for alleged fraudulent financial activities pertaining to the company’s recent listing on the Nigerian Stock Exchange (NSE).

“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.

Brand Spur reached out to the telco’s Public Relations Officer, Funso Aina, who neither denied nor admitted that the company was raided, but said: “We will send out a statement to that effect very soon”.

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.

MTN Nigeria was listed at a total of 20, 354,513,050 at N90 per share on May 16, after the company had completed all the necessary steps required by the NSE for listing which led to the approval.

On the day of the listing, MTN Nigeria was reported to have emerged as the second largest company on the nation’s bourse after Dangote Cement with a market capitalisation of N1.83 trillion.

In spite of its first day bullish outing, the shares of MTN Nigeria recorded its first price loss on the Nigerian Stock Exchange (NSE) on Friday after its listing on May 16.

The stock dipped N9 to close at N140 per share following profit taking.

The telecommunications company had listed 20.35 billion shares at N90 per share which recorded steady growth to hit N149 per share.

The market capitalisation shed N263 billion or 1.90 per cent to close at N13.601 trillion compared with N13.864 trillion recorded on Thursday.

SOURCE: https://brandspurng.com/2019/05/24/efcc-raids-mtn-nigeria-head-office-over-share-listing/

Why not ask for then papers formally? Must everything be dramatized

aolawale025:
Why not ask for then papers formally? Must everything be dramatized

Abi o! Everything na gra gra for them.

Is MTN a yahoo?

Efcc doing another person's work. thought NCC existed because of checkmating the discrepancy among all these networks companies?


storming a company without petition from the NCC is something that makes sense at all?

Efcc always for the wrong reasons

.

Anything associated with MTN is fraud. Useless people

EFCC Nigeria is gradually turning to a woman that makes love to her husband every night without a womb, but hope to get pregnant.

I just hope this is not another theatrical display of barking without biting. EFCC should make investigations thoroughly, tighten all loose ends before coming to the public....

I just want to see bad guys put behind bars. They are making this country more difficult for the good ones to live and thrive

.

Good

Good

wifeesnatcher:
Efcc doing another person's work. thought NCC existed because of checkmating the discrepancy among all these networks companies?

NCC are corrupt

They should Destroy MTN in any way POSSIBLE

aolawale025:
Why not ask for then papers formally? Must everything be dramatized

How naive are you?

Do criminals hand over evidence of their crimes?

effc want to be A Star Colorado everywhere let them mind thier business

wifeesnatcher:
Efcc doing another person's work. thought NCC existed because of checkmating the discrepancy among all these networks companies?


storming a company without petition from the NCC is something that makes sense at all?

Is NCC a financial crime commission ?

Or you don't know the full meaning of EFCC ?

Vultures eyeing MTN shares are getting worried MTN go turn Eagle for their eyes, hence the clampdown.

Plus is it just me that believes practically everything done in this country has an underlying motive, especially when it comes to security agencies.

there are looking for a way to neil Atiku ... Buahari Dog ....according to ffk

Banter1:
NCC are corrupt

and efcc is the jesus of Nigeria I guess..

Dem wahala too much...

Later self dem go deh tackle armed robbery and kidnapping.

Yemi4real3:
effc want to be A Star Colorado everywhere let them mind thier business

They pick yahoo , problem

Pick politician witch hunt

Enter MTN , let them mind their business


What exactly is their business ?

You guys have conditioned that short mind not to see anything good about the country.

When I see comments from 'smart' people and leaders of tomorrow, I know fully well that Nigeria is hopeless.

Not because of the idiots at the helm of affairs now , but the M0r0ns that will likely take over in the future.

Nigerians

This fella comment comes to mind! God bless you sir! Read below.......


Copied***

Before you put 1 Naira in the Nigerian stock exchange, go and watch THE WOLF OF WALL STREET. Nigerian Stock Exchange is a place run by Judas Iscariots. Go and find out what Ndi Okereke Onyuike did there. Go and find out what Transcorp did there.

People regularly get burnt in that place of corporate scammers, you need sound financial education to make money there.

Let me tell you a secret Mtn doesn't want you to know. There is a company called MTN International (Mauritius) Limited, which has the controlling 76.08 per cent equity, or 15,485,544,050 shares valued at about N309.71 billion. Once they recoup their money paid as fine with extra by gullible Nigerians, they are getting out. That's exactly how Etisalat got a cash investment and Mudabala telecoms (the Arab owners) ran off with the money.

What most people don't know is that just last Friday, Mtn borrowed 200 Billion for a 7 year tenure from a consortium of banks just Friday 17th of May.

You see that fine mtn paid, they are stylishly collecting it back from Nigerians. They would eventually dump everything and run off like Etisalat. They are scamming as much people as possible preparatory to running away.

The banks they obtained the loan from know this but they don't care. They would willingly take over mtn like they did to Etisalat.

This same Gbenga Oyebode on Mtn board is the chairman of Access bank. Go and find out what Access bank did to Etisalat.

aolawale025:
Why not ask for then papers formally? Must everything be dramatized

Bro we won’t hear anything if it’s not being dramatizes

Ok

Ayt27:
Vultures eyeing MTN shares are getting worried MTN go turn Eagle for their eyes, hence the clampdown.

Plus is it just me that believes practically everything done in this country has an underlying motive, especially when it comes to security agencies.

Imagine.

Every investigation of corruption is always defended in several form.

Witch hunt

Leave yahoo boys

Etc.