MTN Nigeria on Tuesday announced a public offer of 575 million shares at N169 per share with effect from Dec.1.

The offer closes on Dec. 14.

Its Chief Executive Officer, Mr Karl Toriola, told newsmen in Abuja that the “Retail Offer’’ which is to be delivered via a digital platform is the first in Nigeria.

Toriola said that by using the power of technology, MTN aims to facilitate the maximum possible participation by Nigerian investors.

He said that minimum subscription would be for 20 shares and subsequent subscriptions would be in multiple of 20 shares.

He added that it would include an incentive in the form of one free share for every 20 shares purchased.

“The offer includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.

“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.

“The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians,’’ he said.

Toriola said, however, that MTN had much more to do to support the evolution of an inclusive digital economy.

He noted that the company would continue to invest as it evolves into a truly digital operator capable of seamlessly integrating value across evolving telecommunications, digital and Fintech segments.

In his remarks, MTN Group President and Chief Executive Officer, Mr Ralph Mupita, said the offer aligned with MTN Group’s strategic priority to create shared value.

“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life.

“With this Offer, we will contribute to further deepening of Nigeria’s equity market.

“It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65 per cent over time,’’ he said.

The CEO of Nigerian Stock Exchange Ltd., Mr Temi Popoola, expressed optimism in the offer by MTN, noting that there was no doubt in the success of the transaction.

Popoola said that the exchange had invested substantial amount of human resources to get this transaction to the present level.

He noted three key areas that the transaction would be beneficial to the capital market which were: investors’ confidence, number of investors exchange in the capital market and end-to-end digital transactions.

“One of the things that excite us about this is investors’ confidence. This will change the face of the capital market investment of the nation.

“For a long time we have spoken about the absence of retail in our capital market, particularly at the Exchange.

“We have spoken about the absence of certain demographic and geographic representation of Nigerians.

“This deal will address confidence, financial literacy and a lot of publicity that will come with this will drive this confidence.

“Part of our dream and hope is that this transaction will single-handedly change to multiples of what we have which is remarkable,’’’ he said.

Popoola urged to the media to enlighten the public through reportage on the importance and benefits of buying the shares.

He commended the Nigerian Communications Commission and other stakeholders for making the offer a reality.