Nigeria says telcos must list on stock exchange

The Nigerian government says telecommunication companies operating in Nigeria must quickly conclude plans to get listed on the Nigerian Stock Exchange (NSE) or face regulatory penalties from their compliance failures, reports Communications Week.

Adebayo Shittu, Nigeria’s Minister of Communications, said the telecommunication outfits must allow their shares to be open for public subscription on the NSE.

Though Shittu did not disclose any deadline for such listings to happen, he explained that the government would eventually take punitive actions against firms that failed to list.

Shittu added that the firms must be willing to give Nigerian investors the opportunity to be part of their businesses and benefit from the profits of such businesses.

Read more: Nigeria says telcos must list on stock exchange – Telecompaper