A statement posted on the exchange web site signed by MTN Nigeria Communications, Company Secretary, Uto Ukpanah confirmed the investigation. “MTN Nigeria has not been accused of any wrong doing by the EFCC. They accused capital market regulators of conniving with MTN Nigeria Communications to allegedly manipulate the performance of the share price at the exchange. They said that the MTN Nigeria did not meet the free float of 20 per cent before listing. “We are not certain of MTN, up till now no prospective shareholder can tell you this is what MTN Nigeria stands for,” Nwosu said.

Source: The Guardian May 25, 2019 13:18 UTC