MTN Nigeria has officially notified the Nigerian Exchange and the public of its intent to issue Series 15 and 16 Commercial Papers, targeting N50 billion.
This follows the successful issuance of its Series 13 and 14 Commercial Papers on November 29, which raised N72.18 billion—144% above the N50 billion target.
In light of this success, MTN Nigeria is advancing its N250 billion Commercial Paper Issuance Programme by introducing the new Series 15 and 16 papers, inviting Nigerian investors to participate.
The company stated, “MTN Nigeria Communications PLC (‘MTN Nigeria’ or the ‘Company’) hereby notifies Nigerian Exchange Limited and the investing public of its proposed issuance of up to N50 billion Series 15 and 16 Commercial Paper notes under its N250 billion Commercial Paper Issuance Programme (the ‘Issuance’).”
This latest issuance is a strategic move designed to diversify the company’s financing options, with the proceeds earmarked to enhance its short-term working capital needs.
Recently, MTN Nigeria successfully raised funds through two commercial papers as part of its N250 billion Commercial Paper Issuance Programme.
This issuance follows the earlier Series 11 and 12 Commercial Papers, issued on November 7, 2024, which raised N75.1 billion.
The N250 billion Commercial Paper Issuance Programme is structured to raise capital in series to support MTN Nigeria’s operational and strategic goals.
Proceeds from this issuance are intended to enhance operational efficiency and support growth initiatives.
MTN Nigeria reported a post-tax loss of N514.9 billion for the first nine months of 2024, a decline largely driven by the depreciation of the naira, which intensified foreign currency-denominated obligations.
He stated, “As we navigate the ongoing macroeconomic headwinds, we remain committed to initiatives that will accelerate our earnings recovery, strengthen our balance sheet, and expedite the restoration of our net asset position.”
To further support its balance sheet and enhance operational stability, MTN is moving ahead with the issuance of Series 15 and 16 commercial papers under its N250 billion commercial paper program.