Investors of Nigeria’s largest telecommunications network, MTN Nigeria Plc have lost a whopping N40 billion in two days over the recent xenophobic attacks.
Investigation by New Telegraph showed that MTN shares, which opened at N140 per share and N2.849 trillion in market capitalisation at the beginning of trading on Wednesday lost about N30 billion or N1.07 per share to close at N138.50 per share and N2.819 trillion in market capitlisation at the close of the market the previous day.
The telecom firm also shed N10 billion or 45 kobo per share at the close of trading yesterday to close at N138.05 per share from N2.819 trillion in capitalization to N2.809 trillion, bringing a cumulative loss to N40 billion.
There have been attacks and demonstrations at MTN offices to protest xenophobic attacks on Nigerians and other foreigners in South Africa.
MTN Nigeria had, on Wednesday, confirmed attacks on its offices, saying that all MTN stores and service centres would be closed until further notice.
The company stated this in a letter sent to the Nigerian Stock Exchange (NSE) by its Company Secretary, Uto Ukpanah.
Ukpanah, in the letter, confirmed that over the last day, “our facilities, customers and some of our stakeholders have been the subject of attacks in retaliation for the ongoing xenophobia situation in South Africa.”
He said that the company had confirmed reports of attacks in Lagos, Ibadan and Uyo.
“While we remain committed to providing uninterrupted services, the safety and security of our customers, members of staff and partners is our primary concern.
“All MTN stores and service centres will, therefore, be closed as a precaution, until further notice,” Ukpanah stated.
