Nigeria's capital market regulator on Wednesday approved the applications of South African telecoms firm local unit MTN Nigeria application to list on the Nigerian Stock exchange (NSE).
The local telecoms giants had initially sought to register 20.35 billion ordinary shares at 0.02 naira each with the commission preparatory to the listing on the NSE.
Regulatory approval means the telco company has successfully registered its shares and may approach the stock exchange anytime to list.
SEC had this week confirmed the receipt of an application from MTN requesting for registration of 20.35 billion ordinary shares and an approval to list of the local bourse.
The approval of MTN Nigeria listing proposal is a breakthrough for the local capital market as it will boost and deepen the market in the long run.
Other telecoms firms in the country may follow suit in the near future and this will encourage transparency and inclusiveness in the operations of the telecoms industry.
Market players also believed that with the regulatory approval, it was possible for the telecoms firm to come to the market earlier than its July target, baring all unforeseen circumstance.
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