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HomeNewsEconomyList your companies on stock exchange now, FG tells telcos

List your companies on stock exchange now, FG tells telcos

All telecommunications companies operating in Nigeria should as soon as possible list on the Nigeria Stock Exchange to give Nigerians opportunity to buy and own shares in them, a Federal Government has said.

Minister of Communications Adebayo Shittu said this Monday night in Abuja while speaking at the MTN/Lumos mobile solar electricity device launch.

Mr Shittu said it would be unfair practice by the telcos if all Nigerians would be doing was to spend their monies consuming their services without giving them the opportunity to own shares in them.

“I want to appeal to telecom companies that before the Nigerian government wield the big stick, it is imperative that at this stage of our development they must get their companies listed on the stock exchange so that Nigerian citizens can also be part of the ownership of these companies.

“I am sure none of the telecom companies wants to rush out of Nigeria in a hurry because Nigeria is such a big market. To whom much is given much is expected. So, I want to appeal to you that you do what is needed by listing on the stock exchange as soon as possible so that Nigerians can be part of these companies.”

The minister also warned the telcos to improve on their network or get sanctioned.

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“I want to use this opportunity to challenge not only the MTN, but all the companies operating in Nigeria to do something urgent about their networks. The ordinary citizens are saying what companies are offering them are below expectations.

“So I want to appeal to you that there are three issues which should be addressed as soon as possible. Poor quality of services, drop calls and others should be addressed. Again, the issue of unsubscribed messages should be addressed.

“Even as a minister of communications I am also a victim. Only two days ago I was loading recharge cards of two N500. I loaded the first one, it showed N500 but when I loaded the second card, it showed a balance of N800… So, all what I am saying is that this sharp practice does not discriminate”, he said.

 

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