November 20, 2017

MTN to roll out Nigerian IPO in 6 months

Paul AdepojuNov 3, 20174min

MTN is ‘pleased’ with Nigerian business and is ‘getting everything arranged’ for IPO, Group CEO Rob Shuter said.

Shuter who spoke on Bloomberg TV said the company has gotten its business focused operationally and is recording decent growth as the Nigerian economy improves.

“We are pleased with how our business is going in Nigeria,” he said.

Speaking on the Nigerian IPO, Shuter described the process as complicated and involving a lot of regulations. He however added that the process is expected to be completed to give way for the IPO announcement in six months.

“We’ve got a lot of advisers running around to be ready. We would like successful listing so we are watching the market there as well. We are moving forward with the project and we anticipate completing that in the next 6 months subject to market conditions. The Nigerian team is on top of what they need to do there.”

Unregistered SIM cards

Responding to allegations that unregistered SIMs on the network were aiding the terrorist group Boko Haram in Nigeria, Shuter revealed that the CEOs of the companies operating in Nigeria are working together to do more in the area of SIM registration.

“SIM registration is a really complicated area with lots of concern for civil safety and unrest. I was recently at a meeting with other CEOs in Nigeria. There is more we can all do and we are working together in a constructive way to put those together,” he said.

Growth prospect in South Africa

Shuter expressed concerns about the growth rate in South Africa noting that the economy desperately needs growth.

“There is still very good prospect for data across the South African market so that’s a major focus for all the operators. Inflation is still running 4 – 6% so the operators are growing around 5 – 6%. We are doing okay but the South African economy desperately needs growth and if we can have more growth trajectory, it can help us all in our industry,” Shuter said.

Iran

In spite of the position of the Donald Trump-led administration on Iran, Shuter said MTN is not holding back on its investment in Iran. Instead, he said the company is putting a lot of investment into the ground in Irancell; he added that there is a big demand for mobile and data in Iran.

“The company [Irancell] has been able to fund its own Capex program over the years. There is a big push there [and] it’s one of our strongest growing data markets. For us, it’s very much business as usual in Iran,” he said.

Regarding money repatriation from Iran, he said the company still has some legacy loan repayment and dividends owed over the years.

“We are working with our team there and with the authorities to repatriate those over the next 6 months or so,” Shuter said.

Paul Adepoju

Paul ADEPOJU is a Nigerian freelance journalist, managing editor, blogger and published writer (3 books already). He has vast experience working with various media organizations in Africa, Asia, Europe and America. He covers stories on various genres and for various audiences. He is the managing editor of HealthNewsNG.com which is Africa’s leading health news website; he also manages IBPulse.com, a city blog that focuses on happenings in his home town of Ibadan, southwest Nigeria. He has won several awards including Nigeria’s Vanguard Newspaper’s Young Nigerian Making The Difference award; a certificate of recognition from UNESCO and Goi Peace Institute in Japan; a finalist at the International Press Institute’s Young Nigerian Journalist of the Year award; and was the only African finalist in the NetImpact/FedEx Global Access Essay Competition.



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