Reps propose bill to list MTN, Airtel, Glo on NSE

The House of Representatives is proposing a bill, which will make it mandatory for major telecommunications operators in the country to be listed on the Nigerian Stock Exchange.The House Committee on Capital Market and Other Institutions, which disclosed this in Abuja on Monday, said this would give Nigerians the opportunity to become part owners in such telecoms companies as MTN Nigeria, Airtel Nigeria, Globacom and Etisalat.The bill, according to the committee, will be tabled on the floor of the House in January 2012.The Chairman of the committee, Mr. Herman Hembe, told journalists in Abuja, Nigerians have to benefit from the millions of dollars of profit these companies make annually from them; they have to become part owners through the listing of the companies on the NSE.The companies can give up a percentage of their ownership; it can be five per cent, 10 per cent or 15 per cent; let there be something for Nigerians to own.Hembe, who spoke on the work of the committee, added, The committee will get telecoms operators in Nigeria listed on the bourse. This sector, with a starting market of less than a million in 2000, now caters for over 90 million subscribers.These telecommunications companies make huge profits from Nigeria and are mostly not listed on our Exchange.Hembe cited the case of MTN, which got a licence in 2001 for $285m, mostly financed by Nigerian banks. Between January and June of the same year, MTN repatriated some $5bn as profits from their Nigerian customers.
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