MTN Group was granted an approval by the Nigerian authorities to sell shares in its local business, as the company seeks to open a series of offers for the entity’s shareholding in the near to medium-term.

In a statement, the operator explained the Securities and Exchange Commission (SEC) in Nigeria gave it the green light to offer for public sale up to 575 million shares in its local business which account for around 3 per cent of the company.

An offer to institutional investors has been opened yesterday (23 November) until 26 November, and a retail offer with fixed pricing is due after it secures clearance from the SEC.

MTN Group president and CEO Ralph Mupita (pictured) said the company planned to open a series of offers to sell down up to 14 per cent shareholding in its Nigeria operation.

“This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange,” he added.

The operator group currently holds 78.8 per cent of MTN Nigeria.

It detailed intentions for the public sale of shares in the unit in its Q3 trading update.