March 29, 2024

Mallam Abba Kyari, the Chief of Staff to President Mohammadu Buhari, is stalling the probe of MTN Nigeria Communications Plc, alleged share manipulation few days after the Telco listed at the Nigerian Stock Exchange, NSE, a source familiar with the investigations said.

Few days after it listed on the NSE, top shareholders made almost $8billion under a free float accommodation from NSE but what insiders considered a “massive manipulation.”

Operatives of the Economic and Financial Crimes Commission, EFCC, last week raided the head office of MTN Nigeria in Falomo, Lagos, and carted away documents related to its recent share listing.

Soon after investigators seized documents at the Lagos office of MTN, sources told pointblanknews.com that top leadership of the Telco reached out to Kyari, requesting he prevails on the anti-graft agency to back-down.

Sources also said that while preliminary investigations confirmed manipulation and “serious infractions that are not healthy for the economy of Nigeria,” Kyari is putting pressure on investigators to stop the probe.

According to the source who is privy to the on-going investigations but prefers to be anonymous, information on how the manipulations were carried out have already been uncovered by the ant-graft agency.

“As soon as the allegations and petitions were received, the EFCC swiftly moved in to forestall any tampering and raided the whole MTN office, collected vital documents, searched computers and other devices.

“From preliminary findings, how the share manipulations were carried out have been discovered.”

The source confirmed that the illegality carried out by MTN has the backing of Kyari who once collected N500million bribe from the Telco to help mitigate fines imposed on them by the Federal Government for

breaking laws.

According to the source, “MTN enjoys a lot of support and backing from the Chief of Staff to the Presidency. They quickly ran to him as soon as the probe started, and he has been moving around trying to have the investigation stop.”

MTN had on May 16, listed its shares on the NSE by way of an introductory listing. Sources told Pointblanknews.com that even under a free float accommodation, at least five percent of the shares should have been made available to all investors as was the case when Dangote Group listed with the NSE.

“But they didn’t do that. They went ahead, manipulated the shares to drive up price of the stock before any offering through IPO. This is a crime and those involved would have to face the law. They cannot do what they did in South Africa and so Nigeria will not tolerate such either,” the source said.

Spokesman of the EFCC could not be reached for comment as he did not respond to calls and text messages.

651 thoughts on “$8billion MTN Share Fraud: Abba Kyari Stalling Probe as Agency Uncovers Serious Manipulations.

  1. I simply want to say I’m very new to blogging and truly loved this blog site. More than likely I’m likely to bookmark your blog . You certainly come with superb articles. Thank you for revealing your blog.

  2. It is perfect time to make some plans for the future and
    it’s time to be happy. I have read this post and if I could I want to suggest you few interesting things or advice.

    Perhaps you could write next articles referring to this article.
    I wish to read even more things about it!

  3. Aw, this was a really good post. Spending some time and actual effort to create a superb articleÖ but what can I sayÖ I hesitate a lot and don’t seem to get anything done.

  4. I would like to thank you for the efforts you’ve put in writing this site. I am hoping to see the same high-grade content from you in the future as well. In truth, your creative writing abilities has inspired me to get my own, personal site now 😉

  5. My brother suggested I would possibly like this website.
    He used to be entirely right. This submit actually made my day.

    You cann’t believe simply how so much time I had spent for this info!
    Thank you!

  6. Some are medicines that help people when doctors prescribe. drug information and news for professionals and consumers.
    50mg lisinopril
    Some are medicines that help people when doctors prescribe. Actual trends of drug.

  7. drug information and news for professionals and consumers. Get warning information here.
    https://tadalafil1st.com/# tadalafil mexico
    What side effects can this medication cause? Comprehensive side effect and adverse reaction information.

  8. Pretty section of content. I simply stumbled upon your site and in accession capital to assert that I
    get in fact loved account your weblog posts. Anyway I’ll be subscribing to“강남풀싸롱”your feeds or even I achievement you get entry to constantly rapidly.

  9. п»їlegitimate online pharmacies india [url=https://indiapharm.pro/#]overseas pharmacies shipping to usa[/url] top 10 online pharmacy in india

  10. purple pharmacy mexico price list [url=https://mexicopharm.pro/#]mexico drug stores pharmacies[/url] buying from online mexican pharmacy

  11. Быстромонтируемые строения – это современные здания, которые различаются высокой скоростью строительства и мобильностью. Они представляют собой конструкции, состоящие из заранее сделанных компонентов либо компонентов, которые могут быть скоро собраны на территории застройки.
    Строительство здания из сэндвич панелей стоимость обладают гибкостью и адаптируемостью, что разрешает легко изменять а также переделывать их в соответствии с нуждами клиента. Это экономически эффективное а также экологически стабильное решение, которое в последние годы приняло обширное распространение.

Leave a Reply

Your email address will not be published. Required fields are marked *