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FAQs About MTN Shares, Where to Buy, and How to Sell



By now, some of you will have gotten yourself some shares from MTN, but if you haven’t, you can follow the link from our previous article on how to get started here.

However, some of the below questions and answers will guide you through registration phase and what to expect from MTN shares.

MTN shares

Frequently Asked Questions About MTN Shares

Q. How much is a share?
A. The shares are being offered to retail investors at a price of N169.00 per share.

Q. Is there an incentive for investors to participate?
A. Yes. The primary objective of the Offer is to deepen and broaden local ownership in MTN Nigeria, so the Offer is structured to encourage the participation of as many Nigerians as possible and offers incentive shares to investors who participate in the Offer.

Q. What is the incentive?
A. MTN is offering a promo in the form of 1 free share for every 20 shares purchased and held for 12 months from when the shares are allotted to subscribers.

Q. Is there anyone that can help me with my application?
A. The Receiving Agents – Issuing Houses, Stockbrokers and Banks listed on page 37 of the Pricing Supplement are authorised to assist in completing and receiving your applications for the MTN Offer. MTN MoMo agents have also been trained to assist customers and provide guidance on using PrimaryOffer to submit an application.

Q. What is an offer for sale?
A. This is an invitation to the investing public to purchase existing shares in a company from its shareholders.

Q. Are MTN Nigeria shares listed on any exchange?
A. Yes, the existing shares are already listed and traded on the Nigerian Exchange Limited (NGX).

Q. How many shares are being offered in this round?
A. Up to 575,000,000 shares are on offer in this round. However, the number of shares available may be increased by up to 15% in response to significant demand, i.e. if demand exceeds supply.

Q. How is demand determined?
A. Demand for the Offer is the total volume of shares applied and paid for by investors at the close of the Offer. If demand exceeds supply, i.e. the total volume exceeds the number of shares that have been offered, then the Offer is deemed to have been over-subscribed.

Q. Who is selling the shares?
A. MTN Group, the major shareholder in MTN Nigeria, through MTN International (Mauritius) Limited.

Q. What is a Public Offer? What is the difference between this offer for sale and buying and selling MTN shares currently on NGX through a stockbroker?
A. A public offer is when a listed company offers shares for sale to the public, either because a major shareholder wants to sell some of their shares or because the Company seeks to raise funds.

In this case, the MTN Group is selling up to 575,000,000 of its shares held in MTN Nigeria as part of a phased process to increase MTN Nigeria’s free float and make more shares available to Nigerian investors.

MTN Nigeria shares were listed on the NGX on 16 May 2019.

Q. Who are the Issuing Houses?
A. Chapel Hill Denham Advisory Limited is the Lead Issuing House to the Offer.

Rand Merchant Bank Nigeria Limited, Renaissance Securities (Nigeria) Limited, Stanbic IBTC Capital Limited and Vetiva
Capital Management Limited are the Joint Issuing Houses to the Offer.

Q. Who are the Registrars?
A. Coronation Registrars Limited is the Registrar of MTN Nigeria Communications Plc.

Q. Where do I get information about MTN and this Offer, and what is in it for me?
All information related to the Offer, including the Shelf Prospectus and Pricing Supplement, can be accessed by visiting

Q. Who can buy the MTN shares on offer?
A. Anyone above 18 years of age is eligible to buy the MTN shares on offer, but there are a limited number of conditions.

  •  Applicants must apply for a minimum of 20 shares and multiples of 20 shares thereafter.
  • Applicants must have a valid BVN to register and submit an application on PrimaryOffer.
  •  Applicants must have a CHN and CSCS account.

Q. What is a CHN?
A. CHN (Clearing House Number) is a unique number that identifies each investor in the Nigerian Capital Market. The CHN is alpha numeric and starts with a “C”. Accordingly, your CHN details must be provided in the “CHN Number Details” section of your application.

Q. What is a CSCS Account?
A. The CSCS (Central Securities Clearing System) is a computerised depository system responsible for clearing, storing and settlement of securities transactions in the Nigerian Capital Market.

A CSCS account number is created for you by your stockbroker and can be used for buying and selling securities. Accordingly, your CSCS details must be provided in the “CSCS Account Details” section of your application.

Q. I don’t have a CHN and/or CSCS, can I still apply?
A. Yes, if you do not have a CHN and/or CSCS account, your stockbroker can assist in setting both up before completing your application. A CHN and CSCS account can also be created for you as part of the application process on PrimaryOffer.

Q. I live abroad, I am Nigerian, can I buy? How?
A. Yes, you can buy with your valid BVN.

Q. I am not a Nigerian, I live in Nigeria, can I buy? How?
A. Yes, however, you will need to register for a BVN to buy.

Q. Can I submit multiple applications?
A. No. Suspected multiple applications will be rejected.

Q. Is there a maximum quantity I can apply for and/or buy?
A. There is no maximum to your application. However, the amount of shares allotted will be within the offer size of up to 575,000,000 ordinary shares.

Q. How can I sell after buying?
A. Once shares have been allotted, they are freely tradable on the NGX and can be sold through registered trading platforms, or your stockbroker. However, MTN is offering a promo in the form of 1 free share for every 20 shares purchased and held for 12 months after the shares are allotted to subscribers.

Q. How long is the Offer open?
A. The offer is open for 10 working days, and you can apply even on weekends through the PrimaryOffer website or app.  8:00am on Wednesday 1 December, 2021 – 5:00pm on Tuesday 14 December, 2021

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