Lagos, May 16 2019: MTN Nigeria Communications Plc (“MTN Nigeria”) announced today that it had successfully listed on the premium board of the Nigerian Stock Exchange (“NSE”).

MTN Nigeria’s listing on the NSE will create a new telecoms and technology asset class for investors and provide an opportunity for a wider group of Nigerians to participate in the MTN investment story. This listing is a major milestone that deepens Nigeria’s equity capital markets while attracting new portfolio investment over time. From this point, all MTN Nigeria shareholders will be able to freely trade their shares on the NSE.

Commenting on the development, National Council President, NSE, Otunba Abimbola Ogunbanjo, said, “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria. A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders. It is our expectation that the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.”

On his part, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “We are delighted to welcome MTN Nigeria to the Exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital. As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of The Exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment. This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development”.

Speaking on the announcement, the MTN Nigeria Chairman, Pascal Dozie, commented: “Today is a major milestone in the evolution of MTN in Nigeria and it is fitting that it takes place 18 years to the day since I made the first call on the MTN network on May 16th 2001. Since our initial investment in 2001, we have worked in partnership with Nigerians to deliver the largest network in Nigeria, with over 60 million people now able to access mobile communications services.

We employ over 1,600 people and our operations create employment for more than 500,000 Nigerians. Our technology has empowered millions of people and businesses in rural and urban areas. This has driven innovation, expanded market access and enhanced local economic inclusion. I am delighted that we can expand this impact further today, by enabling investors to trade our shares on the NSE.”

Speaking on the listing and MTN’s performance, Chief Executive Officer, Ferdi Moolman, said: “We’ve evolved from an ambitious start-up at the genesis of a new and emerging industry, to a business that is able to touch lives in every corner of Nigeria. We have established a sustainable platform for growth, from which we are able to meet the growing and dynamic needs of our customers, our communities and our country. This platform has been built through a sustained focus on customer-centric delivery, striving to ensure that every subscriber gets as much value for their money as possible. We are grateful to customers for their loyalty, and to our people, our partners and our regulators for the opportunity to continue to contribute to Nigeria’s growth story. We are only

beginning to tap into the opportunities that connectivity enables and are fully focused on investing to connect every Nigerian, and to make social innovations like mobile electricity and high impact mobile solutions in education, healthcare and agriculture available in communities everywhere.”

Pricing of the listing

As an NSE regulatory requirement, MTN Nigeria is required to publish a commencement listing price. Outstanding legal matters have created a high degree of uncertainty over MTN Nigeria’s prospects and valuation, which makes it difficult to determine a fair price for MTN Nigeria at present. The associated risks and potential returns cannot be fairly assessed and priced by the market. As a result and in the best interests of all shareholders, both current and future, the commencement listing price was set at N90 per ordinary share, which was determined with reference to private share sale transactions by MTN Nigeria shareholders over the past 180 business days.

For more information about the listing, MTN Nigeria and its various initiatives, visit www.mtnonline.com

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