Xenophobia: MTN Nigeria discloses date for resumption after office shut down

Two days after shutting the doors of its offices across Nigeria over reprisal attack from protesting Nigerians, MTN Nigeria has set a new date for resumption of work by its staff. The network provider’s centers had been attacked in Lagos, Ibadan and Uyo this week.

Although the closure of the offices didn’t affect the service of MTN Nigeria, Nairametrics learnt that management of the telecommunication company were told to resume. MTN Nigeria directed its Managers and some senior staff to resume their duties today, September 6, 2019.

MTN Nigeria had informed the public and its stakeholders of its decision to close its stores and centers across Nigeria on Wednesday, September 4, 2019, in a statement sent to the Nigerian Stock Exchange (NSE). The company said, while it remained committed to providing uninterrupted services, the safety and security of our customers, staff and partners is our primary concern. So, all MTN stores and service centers will, therefore, be closed as a precaution until further notice.

But with the tension generated already going down, the management has resumed their duties, while other staff of the company are expected to resume on Monday, September 9, 2019. This means operation will fully resume next week.

Impact on MTN: Aside from MTN Nigeria’s centers being a subject of the reprisal attack, the company’s share price had dropped a day after the attack and on the day the telecom firm closed its offices. MTN Nigeria took a hit to its share price rise, declining by 1.07% on Wednesday.

Although the company had a decline in its share price at the end of trading on Monday, September 2, 2019, after its share price dropped from N141 (as of Friday, August 30, 2019) to N138.50 kobo per share, it, however, recovered on Tuesday, rising to N140 per share.

On Wednesday, it, however, fell back to what it closed with on Monday, N138.50. And on Thursday, September 5, 2019, MTN Nigeria’s share price fell again, dropping to N138.05.

Note: MTN Nigeria wasn’t the only South African linked company that was attacked in Nigeria. The likes of Shoprite and Pep were also attacked, and they also closed their stores.



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