Nigeria’s biggest telecommunication operator, MTN Nigeria, has managed to raise more than US$30 million in new debt capital, placing the group in a favourable position to diversify its capital funding.
The telecommunication operator listed two commercial paper issuances valued at US$30 million on the FMDQ Securities Exchange, concluding the fundraising cycle for the issuances.
According to MTN Nigeria, the two issuances were under the US$1.1 million CP issuance programme admitted to the FMDQ Exchange.
MTN Nigeria stated that it would use the net proceeds of the issuances to support its short-term working capital and funding requirements.
Furthermore, FMDQ Exchange acknowledged that the quotation of the MTN Nigeria Ps laid credence to the innovation, efficiency, and operational excellence that the Exchange is reputed for as endorsed by issuers, investors, and other market stakeholders.
FMDQ Exchange indicated that the Nigerian debt capital market continues to plan an essential role in mobilising and allocating resources in the economy to effectively support entities looking to increase their business operations.
“Our commitment is to facilitate growth and development within Nigeria’s debt capital market; FMDQ Exchange continues to demonstrate its devotion to promoting an efficient, transparent, and well-regulated market that will bring in domestic and foreign investors,” FMDQ Exchange said.
With MTN Nigeria being Africa’s largest provider of telecommunication services and a premier provider of connectivity, communication, and collaboration solutions, FMDQ Exchange is committed to facilitating growth.
MTN Nigeria supplies more than 77 million uses with national coverage and a fibre network that reaches every state in Nigeria.