MTN Nigeria Unveils 150-Billion Naira Commercial Papers Plan
By Sahabi Abdul
MTN Nigeria Communications Plc, the country’s biggest phone and wireless company, unveiled a plan to sell 150 billion naira worth of commercial papers.
To be issued in two series, it’s “part of the Company’s strategy to diversify its financing options, with funds being deployed towards working capital and general corporate purposes,” MTN Nigeria said in a filing to the Nigerian Exchange.
With 73.5 million subscribers at the end of 2021, the highest of all the phone operators in Nigeria, MTN is working to extend it’s leadership by investing on increasing bandwidth outside the country’s main cities to meet a growing demand for internet access.
The company in January concluded the sale of 575 million ordinary shares to Nigerian investors