MTN Nigeria Communications Plc, the country’s largest telecommunications operator, has successfully raised $27.1 million (N42.2 billion) through its Series 15 and 16 Commercial Paper (CP) issuances.
This marks another milestone in the company’s N250 billion ($160.56 million) CP program, following its Series 13 and 14 issuances, which collectively raised $46.6 million (N72.18 billion) in December 2024.
The 180-day and 270-day papers were priced at competitive yields of 27.50% and 29%, respectively, with an issue date of December 23, 2024. Proceeds from the issuance will be utilized to support MTN Nigeria’s short-term working capital needs.
A Vote of Investor Confidence
MTN Nigeria CEO Karl Toriola expressed appreciation for the strong investor confidence, stating:
“This transaction underscores the confidence investors have in our business model and management. It aligns with our broader funding objectives and reflects the unwavering support of our partners and advisers.”
Stanbic IBTC Capital Limited acted as the lead arranger, with CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, and Vetiva Advisory Services Limited participating as joint dealers.
Operational Resilience Amid Challenges
Despite posting a $330.69 million (N514.93 billion) loss after tax for the nine months ending September 30, 2024, MTN Nigeria continues to demonstrate resilience. The company remains committed to growth, recently acquiring the remaining 7.17% stake in MoMo Payment Service Bank for $4.16 million (N6.95 billion), solidifying its expansion in Nigeria’s financial services sector.
As an operating company of MTN Group, Africa’s largest mobile network operator, MTN Nigeria continues to leverage its extensive network and strategic initiatives to strengthen its market position and drive investor trust.
