MTN Nigeria revealed in July 2016 that it planned to list its shares on the Nigerian Stock Exchange (NSE), subject to suitable market conditions, and had appointed Citigroup and Stanbic IBTC Capital as joint transaction advisors and global coordinators. The planned IPO forms part of a settlement arrangement with the Nigerian government regarding a NGN330 billion fine handed to MTN Nigeria in October 2015 for missing a deadline to disconnect around 5.1 million incompletely registered subscribers.