MTN Nigeria, the largest mobile network operator in the country, has successfully raised ₦75 billion in its recent commercial paper issuance. Initially targeting ₦50 billion, the Series 11 and 12 issuances under the company’s ₦250 billion Commercial Paper Issuance Programme were oversubscribed by 150%, reflecting strong investor confidence.
This funding, announced through a filing with the Nigerian Exchange (NGX) on Friday, is set to support MTN Nigeria’s daily operations and meet immediate financial obligations.
A Boost Amid Financial Headwinds
Despite facing a tough financial year, MTN Nigeria continues to attract significant investor interest. For the nine months ending September 30, 2024, the company reported a loss after tax of ₦514.9 billion. The loss was primarily attributed to the devaluation of the Naira, which resulted in net foreign exchange losses of ₦904.9 billion and a surge in finance costs.
However, service revenue growth provided a silver lining. MTN Nigeria saw a 33.6% year-on-year increase in service revenue, reaching ₦2.35 trillion. This growth was driven by a 52.3% rise in demand for data services and an 18% increase in fintech services.
Who Invested?
The commercial paper issuance drew participation from a diverse range of institutional investors, including asset managers, banks, and insurance companies. However, pension funds were notably absent due to a temporary suspension by the National Pension Commission (PenCom). This suspension remains in place as the Securities and Exchange Commission works on updated guidelines.
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2 replies on “MTN Nigeria’s Commercial Paper Issuance Exceeds Expectations”
[…] MTN Nigeria has clawed back ₦32 billion from local banks over long-standing Unstructured Supplementary Service Data (USSD) charges. But with ₦42 billion still unpaid, tensions remain high between telecom operators and financial institutions over the disputed fees. […]
[…] MTN Nigeria is set to relocate its headquarters to Eko Atlantic, a rapidly developing coastal city designed to be Nigeria’s most advanced business hub. This move places the telecom giant alongside notable companies like First Bank and Dangote Group, which have already established themselves in the 10-square-kilometre city. The U.S. Embassy is also constructing a new diplomatic facility in the area, drawn by its modern infrastructure and strategic planning. […]