MTN Group Limited (JSE:MTN) has revealed that plans to sell a 14% stake in its Nigerian unit to local investors are well advanced. The South African firm, which holds 78.8% of MTN Nigiera, added that the process would commence as soon as market conditions are conducive. TeleGeographys GlobalComms Database states that in June 2016 MTN Nigeria committed to listing a portion of its shares on the Nigeria Stock Exchange (NSE) as part of a settlement arrangement with the Nigerian government regarding a NGN 330 billion (USD 800 million) fine. The listing was initially expected to take place during 2017 but was delayed due to regulatory and macroeconomic issues; it eventually took place on 16 May 2019 via a listing by introduction. Eventually, MTN intends to follow this with a public offer once market conditions are favourable. Over time, MTN Group anticipates that local ownership will increase from around 20% to 35%, although in March 2020 it hinted that its sale of a roughly 15% stake may have to be carried out in phases due to the COVID-19 pandemic and a slump in oil prices.