MTN Nigeria Raises ₦72.1bn In Oversubscribed Series  

MTN Nigeria Communications PLC has successfully raised ₦72.18 billion through its series 13 and 14 commercial paper (CP) issuance, surpassing its initial target of ₦50 billion by 144 percent due to overwhelming investor interest.

This issuance, conducted under the company’s ₦250 billion CP Issuance Programme, marks another milestone in MTN Nigeria’s financing strategy. The series 13 CP, with a 181-day tenor, offered a yield of 27.50 percent, while the series 14 CP, with a 265-day tenor, provided a 29.00 percent yield, attracting a diverse range of investors.

Mr. Karl Toriola, Chief Executive Officer (CEO) of MTN Nigeria, expressed gratitude for the strong investor confidence, stating: “Achieving 144 percent subscription amidst challenging macroeconomic conditions highlights the strength of our financial stability, brand, and market leadership.”

This achievement follows the success of series 11 and 12 CP issuances, completed earlier in November, which raised ₦75.1 billion at a 150 percent subscription rate.

According to MTN Nigeria, the proceeds from the issuance will be directed towards improving operational efficiency, expanding critical infrastructure, and meeting the surging demand for telecommunications services nationwide.

Stanbic IBTC acted as the Lead Arranger and Dealer for the transaction, with support from CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank as Joint Dealers.

MTN Nigeria’s ability to secure substantial funding in a challenging economic environment underscores the resilience of its operations and its commitment to delivering growth-driven initiatives.