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MTN Nigeria raises N127bn via commercial paper


MTN Nigeria Communication Plc has raised N127 billion through commercial papers (CP).

The N127 billion was raised through the issuance of series 1 &11 notes under the company’s N150 billion commercial papers (CP) programme.

The issuance consisted of two tenors – a 184-day series issuance priced at a 7.50 per cent yield and a 254-day series 2 issuance priced at an 8.50 percent yield.

Speaking at the signing ceremony in Lagos, Mr Karl OlutokunToriola, Chief Executive, MTN Nigeria, said the issuance was in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.

Read also: MTN Nigeria secures CBN license to compete with traditional banks, POS operators

According to him, the CP, which allowed the company to raise fund at a very efficient rate, would enable the issuer to maximise returns to its shareholders.

He said: “We are delighted to have successfully concluded what will go into the record books as the largest commercial paper issuance in Nigeria”.

He continued, “Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission (NCC) and also having just been granted final approval by the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited to commence operations licence, this landmark issuance represents yet another step towards our cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector.”

The post MTN Nigeria raises N127bn via commercial paper appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


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48 CommentsDrop a Comment
  1. Olagunju Funmilayo Grace

    - May 6, 2022 at 10:12 am

    Ok

    Reply
  2. Dylan Rooney

    - Apr 29, 2022 at 1:25 am

    View

    Reply
  3. Presido78

    - Apr 28, 2022 at 8:53 am

    thats interesting

    Reply
  4. afeezhamzat

    - Apr 27, 2022 at 1:15 pm

    Biz network

    Reply
  5. Ricob23

    - Apr 27, 2022 at 11:01 am

    Nice work MTN

    Reply
  6. Kukswilliams

    - Apr 27, 2022 at 9:26 am

    Correct

    Reply
  7. RollingDiceing

    - Apr 27, 2022 at 7:14 am

    Wow

    Reply
  8. Anaebo chinenye vivian

    - Apr 26, 2022 at 11:01 pm

    Ok

    Reply
  9. Korede

    - Apr 26, 2022 at 10:29 pm

    Interesting

    Reply
  10. Babatunde samson

    - Apr 26, 2022 at 10:19 pm

    Okays

    Reply
  11. Ruthybliss

    - Apr 26, 2022 at 6:54 pm

    Please MTN I too need this CP to also raise funds to start a business for myself

    Reply
  12. Preyenice27

    - Apr 26, 2022 at 5:47 pm

    Good

    Reply
  13. Boluwatifegold

    - Apr 26, 2022 at 3:33 pm

    Wow

    Reply
  14. Cynthia06

    - Apr 26, 2022 at 3:09 pm

    correct

    Reply

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