The How Nigeria’s 2019 General Election Is Affecting Tech Companies
There has been much attention on the 2019 general election in Nigeria, which more or less started with the ‘Not Too Young To Run’ campaign. But as it is, the political arena is not the only one feeling the heat, tech companies in Nigeria are already considering the election in making important business decisions.
There are indications that IHS Towers — the largest mobile telecommunications infrastructure provider in Africa, Europe and the Middle East by tower count — may have decided to shift its initially proposed initial public offering (IPO) on the New York Stock Exchange till after the 2019 general elections.
From Tech Point. Story by Yinka Awosanya.
According to Bloomberg, the reason for the move is on the notion that a sale may take place close to the election in the company’s home market — Nigeria. The IPO is expected to allow the company raise $1 billion at $10 billion valuation.
In 2016, pioneering online payments company, Interswitch suspended its IPO, citing the further weakening of the naira and a general shortage of foreign currency which instigated fear on the part of the investors as reasons.
Read more at Tech Point.