MTN Nigeria Issues 127 Billion Naira Commercial Papers
By Sahabi Abdul
MTN Nigeria said it issued 127 billion naira of commercial papers aimed at raising additional working capital for the country’s leading wireless network.
The 84-day series 1 paper came with a yield of 7.50 percent, with the 254-day series 2 papers attracting an interest of 8.50 percent, according to an MTN Nigeria notice to the Nigerian Exchange.
The company said the sale of the papers was in accordance with its “strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.”
The latest sale is part of a 150 billion naira commercial papers plan unveiled by MTN to fund its Nigerian business in order to maintain its market leadership.
MTN Nigeria currently has 69 million subscribers across the country of more than 200 million people. It’s the biggest of its operations in 19 countries spread across Africa and the Middle East.