MTN Nigeria Cancels 7.5 Billion Shares

The shareholders of MTN Nigeria Plc have approved the cancellation of 7.5 billion of unissued shares.

The company revealed that the shareholders approved the cancellation during the Extraordinary General Meeting held in Lagos.

According to a public disclosure on the Nigerian Exchange Limited on Monday, the telecoms company’s shareholders also approved the cancellation of over 402 million preference shares of $0.005 each.

The President, Major-General Mohammed Buhari (retd) in August 2020, signed the amended Companies and Allied Matter Act, mandating all listed companies in Nigeria to have only issued shares against the current system of operating issued and authorised share capital.

The firm stated in a public disclosure signed by it’s Secretary, Uto Ukpanah, that "For the purpose of implementing the cancellation of the company’s shares and alteration of the company’s Memorandum of Understanding and Articles of Association, the Board is hereby authorised to execute all relevant documents, take all the lawful steps as may be necessary, supplementary, consequential or incidental for the purpose of giving effect to the above resolutions, including but not limited to engaging professional advisers to make and comply with any directive, which any regulatory agency or body may deem fit to impose or approve.”