MTN Listing: SEC Speaks On Inviting EFCC To Probe Telecom Firm
MTN Image: Bubbles Nigeria

The Securities and Exchange Commission (SEC) has denied inviting the Economic and Financial Crimes Commission (EFCC) to investigate telecoms firm MTN.

This news medium had reported MTN as saying that it is being investigated for the listing of its shares on the Nigerian Stock Exchange (NSE).

Advertise With Us

However, an official of the NSE on Monday said the body never invited the EFCC for such and that it has the capacity to investigate the firm.

“Nigerian Stock Exchange is a global market so we must follow global best practices in all we do so as not to scare investors,”  the source told This Day.

The source further noted that: “We (SEC) are investigating the matter thoroughly. We are going through all the transactions, each and every crossing, and would base our findings on the facts and the law.

“If there is any infraction(s), the matter would be directed to the Investment and Securities Tribunal (IST) which is a superior court under the jurisdiction of the Supreme Court of Nigeria: we will prosecute whoever is found wanting or apply the necessary sanction if such a case is established by the facts.

“So, this is not law enforcement or police issue, that is why we never invited the EFCC. The IST is like a court of coordinate jurisdiction and so we couldn’t have invited the EFCC. SEC has the competence and capability to handle this under the law.

“So, we are allaying the fears of global investors that there is no cause for alarm. Everyone should calm down and allow the market function as it should.”